Multilateral development banks and other development partners have pledged in excess of $17 billion in financing to scale up food security and address rising hunger on the African continent.
These funds were pledged in a two-day-high-level meeting held virtually by the African Development Bank (AfDB) and the International Fund for Agriculture. Other partners of the event included the Forum for Agricultural Research (FARA) and the CGIAR System Organization on 29 and 30 April.
To seal the commitment to boost agricultural production in the continent, seventeen African heads of state signed on the commitment which is aimed at doubling current productivity levels. Ultimately, this is set to be done by the use of agro-technologies.
Moreover, the strategies to bolster this process include scaling up investments in access to markets, and promoting agricultural research and development.
At the event, a communique was adopted to reflect commitments made by various parties. The African Development Bank pledged over $10 billion of the total amount. According to the Bank, $1.57 billion would be used to improve ten selected priority commodities over the next five years. An additional $8.83 billion is earmarked to build strong value chains for the selected commodities over the period.
Along these lines, Dr. Akinwumi A. Adesina, President of African Development Bank commented: “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.”
Furthermore, the IFAD also pledged $1.5 billion for the support of national efforts to transform food and agricultural systems in Africa over the next three years. Additionally, IFAD is helping to develop an increasing flow of investments to restore land, create jobs and build resilience to climate change in the Sahel region.
Additional contributions from partners
IFAD President Gilbert F. Houngbo said: “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.”
IFAD President Gilbert F. Houngbo
The Arab Bank for Economic Development in Africa (BADEA), pledged up to $1.5 billion over the period 2020-2024 in agriculture. Also, the Islamic Development Bank Group said it would allocate $3.5 billion to develop the agriculture sector in Africa in the next three years. Accordingly, this fund will help upgrade agricultural research and development initiatives in Africa, and aimed at empowering 300 million farmers.
More so, in a spirit of solidarity, The Bill & Melinda Gates Foundation, joining a coalition of development partners, indicated their support, thus, pledging to invest $652 million in the next three years. As a result, this will support agricultural research and development initiatives in Africa.
In summary, President Macky Sall of Senegal highlighted the interventions of African heads of state. Among the actions highlighted include improving technology use in agricultural production, increase investment in research and development, optimize technology, support access to markets, and creating a financing facility for food security in Africa.
The interventions and outcome of the dialogue will be a basis for Africa to present a unified voice to step up efforts and partnerships towards reaching the Sustainable Development Goals by 2030.
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