African countries commit to double agricultural productivity as development banks and partners pledge over $17 billion to increase food security

SourceZawya
SectorFinancial Services
CountryMiddle east

Seventeen African heads of state signed on to the commitment to boost agricultural production by doubling current productivity levels through the scaling up of agro-technologies. This will include investing in access to markets, and promoting agricultural research and development.

The various parties adopted a communiqué outlining these commitments at the end of the event.

Of the overall amount pledged, more than $10 billion came from The African Development Bank, which said it would invest $1.57 billion on scaling up 10 selected priority commodities over the next five years. This will help countries achieve self-sufficiency.

Another $8.83 billion will go towards building strong value chains for these commodities over the next five years. This will include programs to create opportunities for young people – particularly women.

African Development Bank President Dr. Akinwumi A. Adesina said: “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.”

The International Fund for...read more...