A coalition of multilateral development banks (MDBs) and development partners has pledged over US$17 billion in financing on the final day of a two-day high-level dialogue – Feeding Africa in an attempt to address rising hunger on the African continent.
The event was hosted by the AfDB and the UNIFAD (UN International Fund for Agricultural Development), in collaboration with FARA (Forum for Agricultural Research in Africa) and the CGIAR System Organization last month.
Besides this, 17 African heads of state also signed on to the commitment to increase agri-production by doubling current productivity levels using cutting-edge agro-technologies, improving accessibility to markets, and promoting agri-based research and development.
Of the overall amount committed, over US$10 billion came from the African Development Bank. which said it would invest some funds to scale up 10 selected priority commoditiesm Another part of funds will go towards building strong value chains.
“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,” African Development Bank President Dr. Akinwumi A. Adesina said.
“We praise the African leaders’ commitment to increase agricultural productivity and improve food security for millions of Africans. By modernizing African agriculture, small-scale 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,” said IFAD President Gilbert F. Houngbo.