GHANA- United Nation’s agency Food and Agricultural Organisation (FAO) and the African Development Bank (AfDB) have joined forces to mobilize US$100 million investment aimed at boosting the agricultural sector in Africa.
The initiative projected to run for the next five years is also geared at tackling hunger, malnutrition and increase economic prosperity on the continent.
According to GNA, the strategic collaboration involves enhancement of quality and impact investment in food security, nutrition, social protection, agriculture, forestry, fisheries and rural development.
The longstanding joint partnership signed at UN agency’s headquarters in Rome targets to address challenges faced especially in the agricultural sector thus, creating wealth in Africa.
“FAO and the AfDB are deepening and broadening our partnership to assist African countries achieve the sustainable development goals.
Leveraging investments in agriculture, including from the private sector, is key to lift millions of people from hunger and poverty in Africa and to ensure that enough food is produced and that enough rural jobs are created for the continent’s growing population,” said FAO Director-General José Graziano da Silva.
Commenting on the matter, AfDB President Akinwumi Adesina said: “The signing of this supplementary agreement is a milestone moment in the relationship between the African Development Bank and FAO.
It signals our joint commitment to accelerate the delivery of high quality programs and increased investment for public-private-partnerships in Africa’s agriculture sector.
This will help us achieve the vision of making agriculture a business, as enshrined in the Bank’s Feed Africa strategy.”
Through its Feed Africa strategy launched in 2015, AfDB targets to invest US$24 billion into African agriculture from 2016 to 2025.
The initiative aims at improving agricultural policies, markets, infrastructure and institutions to ensure that agricultural value chains are well developed and that improved technologies are made available to reach several millions farmers.
FAO’s contribution would include enhancing agricultural sustainability, diversification, value chain innovation, youth in agriculture and agribusiness, climate smart agriculture, blue economy, food security and nutrition.
Both the institutions will initially contribute financial support of up to US$15 million.
Recent collaboration between the Bank and the FAO include project formulation support in Tanzania and Equatorial Guinea; technical assistance for the development of Blue economy programmes in Côte d’Ivoire, Morocco and Cape Verde, feasibility studies for agricultural transformation centres in Zambia, Tanzania and Côte d’Ivoire; and participation in the African Leaders for Nutrition initiative.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE