In a move to promote food security, sustainable agriculture and rural development, African Development Bank (AfDB) and Food and Agricultural Organisation (FAO) have collaborated to raise $100 million for agriculture.
AfDB President, Akinwumi Adesina, and FAO Director-General, José da Silva signed the agreement at the United Nations’ Rome headquarters.
The collaborative programme would be created through an initial financial contribution of up to $15 million by the AfDB and FAO.
What the fund raised will be used for
A statement released by the AfDB has it that the fund will be used to end hunger, malnutrition and create wealth in Nigeria and other African countries.
Furthermore, the fund will be projected at enhancing the impact of investment in food security, nutrition, social protection, agriculture, forestry, fisheries and rural development.
“The signing of this supplementary agreement is a milestone moment in the relationship between the AfDB and the FAO.
“It signals our joint commitment to accelerate the delivery of high quality programmes and increased investment for public-private partnerships in Africa’s agriculture sector. This will help us achieve the vision of making agriculture a business as enshrined in the bank’s Feed Africa strategy.”
In January, the AfDB announced it will be increasing its level of investment in Nigeria from the present $6 billion to $8 billion. The President of the institution made the disclosure.
FOA is a specialised agency of the United Nations that leads international efforts to defeat hunger.
The African Development Bank Group (AfDB) or Banque Africaine de Développement is a multilateral development finance institution. The AfDB comprises three entities: The African Development Bank, the African Development Fund, and the Nigeria Trust Fund.
The institution’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.