CNH Industrial is helping to progress agriculture, everywhere: bit.ly/CNH_Tanzania

Basildon, September 5, 2023 - Our new photo series depicts how CNH Industrial’s New Holland Agriculture brand is helping to revolutionize mechanized farming in Tanzania. These images capture the enthusiasm around this initiative.

Tanzania is encouraging its farmers to mechanize, both to increase productivity and improve food security. During the first few months of 2023 in support of this initiative, we delivered 200 new tractors, trained farmers how to use them, as well as created a coalition to provide access to financing. CNH Industrial is committed to putting innovation in these farmers’ hands.

CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally, Case IH and New Holland Agriculture supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment deliver a full lineup of construction products that make the industry more productive.

The Company’s regionally focused Brands include: STEYR, for agricultural tractors; Raven, a leader in digital agriculture, precision technology and the development of autonomous systems; Flexi-Coil, specializing in tillage and seeding systems; Miller, manufacturing application equipment; Kongskilde, providing tillage, seeding and hay & forage implements; and Eurocomach, producing a wide range of mini and midi excavators for the construction sector, including electric solutions.

Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH Industrial’s 40,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world. CNH Industrial

The First Africa climate summit in Nairobi intensified calls for a common African currency to address climate finance gaps. A section of African ministers and experts indicated that currency could stimulate economic growth, enhance access to capital markets, and reduce risks for international investors,  all while promoting regional cooperation.

Speaking during the ministerial panel discussion Dr Mohammed Adam, state minister of finance in Ghana emphasised the need for Africa to utilise its own currency in trade and leverage private sector funds to complement public finance in responding to the climate crisis. 

He stated: "With a single currency, intra-African trade would become more efficient, reducing trade barriers and transaction costs. This would stimulate economic growth and create additional fiscal space for investments in climate resilience and renewable energy projects."

"Africa should use its currency to trade and tap into private sector funds to complement public finance in response to the climate crisis," he said.

Dr Monique Nsanzabaganwa, the deputy chairperson for the African Union Commission, highlighted the long-standing goal of a common African currency as a symbol of unity and strength.

"The goal of a common African currency will be a pillar of African unity, a symbol of the strength that we hope will emerge from efforts to integrate the continent," she said. "A unified currency could make African nations more attractive to global investors." 

She added, "A larger, more stable market would encourage foreign direct investment, leading to increased access to capital markets. These funds could be channelled towards green bonds and climate finance initiatives, helping us bridge the climate finance gap."

Barbara Creecy, the Minister of Environment, Forestry, and Fisheries from South Africa, drew attention to the critical issue of climate finance for Africa. She pointed out the stark disparity, saying, "Currently, about half of the climate finance globally comes from the private sector. But in Africa, it makes up only 14 per cent of the total flows."

She highlighted, "Climate projects often involve long-term commitments, and a common currency could provide greater confidence in the stability of investment returns, encouraging more significant flows of climate finance.

She explained that by eliminating the need for foreign exchange reserves and reducing currency risk, African nations would free up fiscal space that could be allocated to climate projects, renewable energy initiatives, and climate resilience programs. This would be a game-changer for our efforts to combat climate change.

Soipan Tuya, the CS Environment, emphasized the need to address Africa's debt burden in the context of climate action. She said, "The multinational development banks have to reconsider Africa’s debt approach, enabling African countries to tackle climate change challenges without burdensome debt."

The discussions at the summit revolved around the importance of reforming financial systems to enable post-disaster reconstruction, strengthening the African Adaptation Initiative, and delivering the UNFCCC Loss and Damage Fund. Additionally, leaders highlighted the necessity of financial investments in universal coverage of early warning and early action systems for disaster risk reduction.

Africa faces a significant adaptation funding gap, with the African Development Bank estimating the cost of climate-related disasters to be between USD7 billion to USD15 billion annually, projected to rise to USD50 billion by 2030.

To address these challenges, African countries need to raise USD124 billion annually by 2030, but they currently receive only USD28 billion a year. The summit aims to emphasize the urgency of prioritising adaptation investment as a development imperative for Africa and the world.

Furthermore, the summit aims to secure commitments towards the delivery of the USD100 billion funding target and greater support from Multilateral Development Banks for climate adaptation.

Private capital, estimated at USD630 billion per year, was identified as a potential source of investment, particularly in agriculture. By Mactilda Mbenywe, The Standard