Washington DC, USA,
18 May 2012 – Over forty-five companies have committed to invest over
US$ 3 billion in Africa’s agricultural sector as part of the G8’s New
Alliance for Food and Nutrition Security initiative, US President Barack
Obama announced today. The commitments were developed in collaboration
with Grow Africa, an innovative partnership led by the World Economic
Forum, the African Union and the New Partnership for Africa's
Development (NEPAD).
“Today, I can announce a new global effort,
bringing together all global players for a shared effort – African
governments and donor countries, which agreed to align their donations,
and private sector players, international as well as non-governmental
organizations,” said President Obama, speaking at the Symposium on Global Agriculture and Food Security in Washington DC, an event hosted by The Chicago Council on Global Affairs.
“We will stay focused on clear goals, boosting farmers’ income and
helping 50 million people lift themselves out of poverty. We can unleash
the change that reduces hunger and malnutrition. This is the new
commitment we are making today.”
Heads of state and government from Ethiopia, Tanzania and Ghana also participated in the event.
The
investments span different stages of the agriculture value chain across
three African countries, offering the prospect of economic development
as well as improvements to food and nutrition security. Currently, the
commitments comprise a total of 63 Letters of Intent, with African
businesses making up 21 of the signatories.
“These investments,
developed through the Grow Africa Partnership, represent a big step
forward for African agriculture and offer further proof that today the
handshake has replaced the handout as the principal partnership model
for the region,” said Josette Sheeran, Vice-Chairman of the World
Economic Forum.
“Private-sector investment can accelerate growth
in a way that benefits Africa’s smallholder farmers,” said Jean Ping,
Chairperson of the African Union Commission. “Through Grow Africa, we
believe it is possible to build a platform that will benefit all of
Africa.”
More companies are looking to Africa for long-term investing.
“We
are making a major commitment to invest in expansion of
Africa's agricultural productivity and food security by providing crop
nutrition and knowledge,” said Joergen Haslestad, Chief Executive
Officer of Yara International.
“Africa has become one of our
strategic growth regions and our aspiration is to contribute to the
transformation of African agriculture,” added Michael Mack, Chief
Executive Officer of Syngenta.
The Grow Africa partnership,
convened jointly by the African Union, NEPAD and the World Economic
Forum, works to accelerate sustainable investment in African agriculture
to improve food security. The Grow Africa Investment Forum, held on 9
May 2012 in Addis Ababa, Ethiopia, engaged over 270 leaders, including
heads of state and government from Ethiopia, Rwanda and Tanzania, as
well as leaders of African and global business, international
organizations, donor agencies and farmer organizations. Seven countries
showcased specific investment and partnership opportunities aligned to
their national priorities for agricultural transformation.
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