Wednesday, 22 June 2016

AfDB to invest $24b in agriculture




AfDB to invest $24b in agricultureAfrican Development Bank(AfDB) President, DrAkinwumiAdesina said the bank plans to invest about $24 billion (or $2.4 billion yearly) over the next 10 years to help drive the agricultural transformation inAfrica.
This is, he said, represents a 400 per cent increase in financing to the agricultural sector by the bank.

He spoke at the Seventh African Agricultural Science Week and FARA General Assembly, in Kigali, Rwanda.
He lamented that  Africa spends $35 billion on importing food. This, according to him, is projected to grow to $110 billion by 2025.
He noted: “Africa is importing what it should be producing, creating poverty within Africa and exporting jobs outside of Africa. Scarce foreign exchange is used to buy food. Lacking ability to feed itself, Africa becomes vulnerable, dependent on market forces to feed its burgeoning population. Any shock to global food production will have direct price transmission into Africa, especially into the rural areas, where the percentage of net buyers of food is high, despite being the zones to produce food to feed their countries.”

According to him, Africa needs to invest more in science and technology to become more efficient and competitive in agriculture – and to diversify rapidly its economies.
He said: “For Africa must fully unlock its immense agricultural potential. That potential is massive: Africa has 65 per cent of all the arable land left in the world to feed 9 billion people by 2050. Africa cannot eat potential.
He acknowledged that FARA is doing a great job for Africa, mobilising the research community to work for the development of scientific innovations to drive agricultural growth.
He lauded Akinbamijo for his excellent leadership as head of FARA.

http://thenationonlineng.net/afdb-invest-24b-agriculture/

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