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The company aims to raise $20m this year and is exploring debt and grant funding options, Njuguna says in Nairobi. AFEX started Kenyan operations in June after a pilot phase.
African countries face the prospect of rapidly increasing food prices as the Russia-Ukraine war triggers a global shock. A report from the World Food Programme (WFP) in June says that blockades in the Black Sea region and restrictions on trade mean that the average monthly price of a local food basket in east African countries in May reached $17 per head across eastern African countries, up 18% since January.
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