AFDB & FAO target agriculture investments to end hunger & create wealth in Africa

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

Shop now, pay later with www.zerofinance.com.ng

Zerofinance is Nigeria’s leading online retail store, providing quality branded home electronics, domestic appliances, computers, mobile phones and household...
AFDB & FAO target agriculture investments to end hunger & create wealth in AfricaAFDB & FAO target agriculture investments to end hunger & create wealth in Africa

Strategic alliance includes a commitment to raise funds to promote food security, sustainable agriculture and rural development…

The African Development Bank (AfDB) and FAO today agreed to boost joint efforts aimed at catalysing agriculture sector investments in Africa to end hunger and malnutrition and increase prosperity throughout the continent. In terms of the agreement, the AfDB and FAO are committed to raising up to $100 million over five years, to support joint partnership activities.

AFDB & FAO target agriculture investments to end hunger & create wealth in Africa
AfDB President Adesina and FAO Director-General José Graziano da Silva.

Specifically, the new strategic alliance seeks to enhance the quality and impact of investment in food security, nutrition, social protection, agriculture, forestry, fisheries and rural development.

AfDB President Akinwumi Adesina and FAO Director-General José Graziano da Silva signed the agreement, which builds on a longstanding collaboration between their organizations, at the UN agency’s Rome headquarters.

- Advertisement -

“FAO and the AfDB are deepening and broadening our partnership to assist African countries to 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.

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.”

Read:  Nestlé Shared Value Summit: Business Can Lead Transformational Change

The Bank’s Feed Africa strategy, launched in 2015, targets to invest $24 billion into African agriculture over a ten-year period. The aim is that of 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 million farmers.

Read:  Nestlé Shared Value Summit: Business Can Lead Transformational Change

A programme of action

- Advertisement -

The strengthened partnership between the AfDB and FAO envisages a collaborative programme of action with a series of outcomes, including better and more effective AfDB financed investment operations; increased public-private-partnership investments; a better investment climate and portfolio performance; and, advocacy and joint resources mobilization. FAO’s technical assistance would cover areas such as sustainable agricultural intensification and diversification, scaling up value chain innovations, youth in agriculture and agribusiness, agricultural statistics, climate-smart agricultureblue growth/blue economy, food security and nutrition, agri-food system, food safety and standards, women’s economic empowerment, promotion of responsible private investments, resilience and risk management and capacity building for transition states.

Read:  AFDB lists strategies to deepen industrialization of Cassava

The collaborative programme would be created through an initial financial contribution of up to $15 million by the two institutions.

Joint advocacy and policy advice activities will include the promotion of the Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests and the Principles for Responsible Investment in Agriculture and Food Systems, both endorsed by the Committee on World Food Security.

The collaboration between the AfDB and FAO began in 1968. Since then, FAO has provided technical assistance to the formulation of 161 AfDB financed projects, valued at over $3.7 billion representing about 21 per cent of AfDB’s support to the agricultural sector.

- Advertisement -

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.

The Bank and the FAO have also contributed to a series of continental dialogues on post-harvest loss reduction, and the Great Green Wall of the Sahel and Sahara Initiative.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

Latest News

COVID–19, Coscharis Shuts Down Uyo Operations In Line With The State Government Directive

Following the official directive of the Akwa – Ibom State government to shut down all public and private institutions...

WARIF Tackles Gender-Based Violence In Nigeria With Mobile SMS Platform

One year after launching a pioneering SMS service used by traditional birth attendants to fight gender-based violence in Nigeria, WARIF founder Dr Kemi DaSilva...

Google Announces $6.5M Funding To Help Fight Coronavirus Misinformation

In an effort to help address the challenge of the ongoing spread of misinformation related to the coronavirus pandemic, Google is providing $6.5 million...

Anniversary Of The Brand Name: 120 Years Of Mercedes – The Girl And The Brand

120 years ago, the name of an eleven-year-old girl became the epitome of cars and the first luxury car brand in the world. On...

British Airways Joins The Community Fight Against Covid-19

British Airways is joining the response against COVID-19 with a company-wide task force who will bring their skills and expertise to communities across the...
- Advertisement -
BrandsPur Weekly Cartoons
%d bloggers like this: