Commodities News & Agribusiness
Africa Attracts Fresh $50 Billion International Support to Transform Agriculture
By Umar Suleiman
Africa’s drive to transform its agriculture and become a breadbasket has continued to receive strong global support, with development partners agreeing to commit more than $50 billion to the plan barely two months after its launch.
At the recent Dakar 2 Food Summit organized by the Senegalese government and the African Development Bank (AfDB), political leaders resolved to work tirelessly with international partners on compacts that would transform agriculture across the continent.
Among the donors are Germany, which plans to contribute $14.34 billion, and the United States, which intends to provide $5 billion.
The African Development Bank aims to contribute $10 billion over five years, while the Islamic Development Bank intends to provide $7 billion.
Other donors are the European Union; the European Investment Bank (EIB), the International Fund for Agricultural Development (IFAD), the West African Development Bank, the Arab Bank for Economic Development in Africa, the French Development Agency, AFD; Ireland, the Netherlands; Switzerland and the United Kingdom.
In Dakar, the leaders agreed to allocate at least 10% of public expenditure to increase funding for agriculture. They also resolved to deploy robust production packages to boost productivity and increase resilience to achieve food security and self-sufficiency.
At the just concluded AU summit in Addis Ababa, Ethiopia, African heads of state and government endorsed the outcomes, calling for global support for its immediate implementation.
In a resolution read at the end of the 36th African Union summit on Sunday in the Ethiopian capital Addis Ababa, they described the Dakar 2 Food Summit as important and timely to address rising food prices, disruption in the global food supply, and worsening of food insecurity in Africa.