The African Development Bank and FAO target agriculture investments to end hunger and create wealth in AfricaStrategic alliance includes commitment to raise funds to promote food security, sustainable agriculture and rural development
The African Development Bank and the 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 African Development Bank and the FAO are committed to raise up to $100 million over five years, to support joint activities.
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.
African Development Bank 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.
The strengthened partnership between the African Development Bank and FAO envisages a collaborative programme of action with a series of outcomes, including: better and more effective Bank-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 agriculture, blue 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.
The collaborative programme would be created through an initial financial contribution of up to $15 million by the two institutions.
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.
For more information: www.afdb.org
FAO leads international efforts to defeat hunger. It helps countries to modernize and improve agriculture, forestry and fisheries practices and ensure good nutrition for all. FAO focuses special attention on developing rural areas, home to 70 percent of the world’s poor and hungry people.
For more information visit: www.fao.org or follow FAO on Twitter @FAO, @FAOnews