By Aliu Akoshile in Baku, Azerbaijan
Africa Development Bank Group has mobilised $1 billion total budget to finance regional programs for sustainable agriculture development across Africa.
The Bank’s Director of Agriculture and Agro-Industry, Dr. Martin Fregene disclosed this at the High-level Side Event on Food and Water Systems hosted by AfDB at the ongoing COP29 in Baku, Azerbaijan.
He said the funding, which has positively impacted 13 million small farmers, aims to develop 5 million hectares of lowland irrigated rice, wheat, and vegetable production in the next five years.
The Director said Africa, which is capable of producing more than a billion tons of cereals it needs, currently imports nearly 100 million tons of food annually.
These, according to him, include 50 million tons of wheat, 20 million tons of maize, 14 million tons of rice, and 10 million tons of soybean.
Dr. Fregene reiterated that the continent is sitting on a goldmine of agricultural potential with 190 million hectares of fertile inland valleys and abundant water supply.
He noted that renewable energy, particularly Decentralized Renewable Energy solutions, offer transformative opportunities for African, adding that solar-powered solutions can drive sustainable agricultural practices by improving irrigation, food processing, post-harvest preservation, and reducing reliance on fossil fuels.
Dr. Fregene disclosed that AfDB has set for itself an ambitious target for development of 5 million hectares of lowland irrigated rice, wheat, and vegetable production over the next five years.
Dr. Fregene said AfDB is committed to transformative initiatives such as Technologies for African Agricultural Transformation (TAAT) and Desert-to-Power, which aim to unlock Africa’s development potential.
He said through the IWMI/ TAAT water management compact, individual SMEs or consortia are supported to market bundled solutions around solar irrigation targeting smallholder farmers and, notably female farmers and farmer groups.
Dr. Fregene, who declared that AfDB is supporting the Renewable Energy sector through the Sustainable Energy Fund for Africa (SEFA), extolled the transformative power of partnership between government, Green Climate funds, IWMI, and Sasakawa Africa Association and other development finance institutions.
Also speaking at the event, the Climate Resilience Programs Lead of Climate Investment Fund (CIF), Mr. Koussi Emmanuel Kouadio said the Fund is committed to catalysing developmental projects in Africa.
He explained that the floating on Green Bond and other initiatives were meant to create funding opportunities for actualisation of renewable energy for achieving food security.
The event attracted a large audience consisting of top national and subnational government officials, civil society, and development partners.
