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Development banks, partners pledge over $17bn towards food security

Development banks, partners pledge over $17bn towards food security

Development banks, partners pledge over $17bn towards food security image
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To address the escalating rate of hunger in Africa, an alliance of multilateral development banks and partners has pledged over $17 billion towards improving food security.

According to a statement on Friday by the African Development Bank, the pledge was made on the last day of a two-day event, which was tagged ‘Feeding Africa: Leadership to scale up successful innovations,’ organised by AfDB and the United Nation’s International Fund for Agricultural Development in partnership with the Forum for Agricultural Research in Africa and the CGIAR System Organisation.

During this event, 17 African leaders agreed to boost agricultural production by doubling current productivity levels through advanced agro-technologies.

To achieve this agreement, each country is tasked with investing in access to markets and promoting agricultural research and development.

AFDB President, Dr Akinwumi Adesina, advocated the need for partnership to provide relevant support to farmers.

“Let us now create today, a stronger partnership: a partnership for greater scale; a partnership to take technologies and innovations to hundreds of millions of farmers,” he said.

The President of the International Fund for Agricultural Development, Gilbert Houngbo, lauded the commitment shown by African leaders. (adsbygoogle = window.adsbygoogle || []).push({});

“We praise the African leaders’ commitment to increase agricultural productivity and improve food security for millions of Africans. By modernizing African agriculture, small-holder farmers will be in a better position to bring more affordable food to consumers and create decent livelihoods for millions of young Africans involved in the processing, storage and marketing of food,” he said.

President Macky Sall of Senegal concluded the interventions by African leaders on Thursday with the following seven-point action list: accelerate agricultural production by taking technologies to scale; increase investment in research and development; optimise technology; improve business language in agriculture to open up to the world; support access to markets and the installation of basic infrastructure and equipment; invest in new businesses to transform agricultural produce to support small producers; create a financing facility for food security and nutrition in Africa.

A breakdown of the pledged funds shows that over $10 billion is coming from AFDB, $1.5 billion from IFAD, $1.5 billion from BADEA, $3.5 billion from IsDB, and $652 million from Bill & Melinda Gates Foundation.

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