Africa Gets $50bn to Transform Agriculture – AfDB
Africa’s drive to transform its agriculture and become a food basket continues to receive strong global support, with development partners agreeing to commit more than $50 billion to the plan, barely two months after its launch.
Development partners have agreed to commit more than 50 billion dollars to Africa’s drive to transform its agricultural sector and become a breadbasket. In a statement issued on African Development Bank’s (AfDB) website, the global support came barely two months after the program’s inauguration.
According to the statement, political leaders on the continent have resolved to work tirelessly with international partners on compacts that will transform agriculture across the continent.
It said the leaders resolved this at the recent Dakar 2 Food Summit, organised by the Senegalese Government and the African Development Bank. It listed donors of the fund to include Germany, which plans to contribute 14.34 billion dollars, and the United States, which intends to provide five billion dollars.
“The AfDB aims to contribute 10 billion dollars over five years, while the Islamic Development Bank intends to provide seven billion dollars.
“The European Union, the European Investment Bank (EIB), the International Fund for Agricultural Development (IFAD), and the West African Development Bank are parts of the donors.
“Arab Bank for Economic Development in Africa; the French Development Agency, AFD; Ireland; the Netherlands; Switzerland and the United Kingdom also pledged their donations,” it stated. The statement noted that the leaders agreed to allocate at least 10 per cent of public expenditure to increase agriculture funding during the Dakar meeting.
It said they also resolved to deploy robust production packages to boost productivity and increase resilience to achieve food security and self-sufficiency.
The news agency reports that African heads of state and government endorsed the outcomes of the just concluded African Union (AU) summit in Addis Ababa, Ethiopia.
“The leaders described the Dakar 2 Food Summit as important and timely to address rising food prices, disruption in the global food supply, and worsening of food insecurity in Africa.
“And they called for global support to implement the outcomes immediately.” # Africa Gets $50bn to Transform Agriculture – AfDB