By Yemi Olakitan
Only two months after its introduction, development partners have agreed to commit more than $50 billion to Africa’s efforts to change its agriculture and turn it into a major source of food for the world.
More than $50 billion has been pledged by development partners to support Africa’s efforts to restructure its agricultural sector and become a breadbasket.
Within two months after the program’s launch, the African Development Bank (AfDB) announced that it had received international funding.
Political leaders on the continent have vowed to work relentlessly with international partners on agreements that will alter agriculture on the continent, according to the statement.
The recent Dakar 2 Food Conference, which was hosted by the government of Senegal and the African Development Bank, reportedly saw this issue settled by the leaders.
Germany, which expects to donate $14.34 billion to the fund, was among the contributors mentioned, along with the United States, which plans to contribute $5 billion.
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“The Islamic Development Bank plans to give $7 billion over five years, compared to the AfDB’s goal of $10 billion.
“The contributors include the International Fund for Agricultural Development (IFAD), the European Union, the European Investment Bank (EIB), and the West African Development Bank.
It added that the Arab Bank for Economic Development in Africa, the French Development Agency, AFD, Ireland, the Netherlands, Switzerland, and the United Kingdom have all committed financial support.
According to the statement, during the summit in Dakar, the leaders decided to devote at least 10% of public spending to increasing support for agriculture.
In order to attain food security and self-sufficiency, it was also decided to implement strong production packages to increase productivity and resilience.
The decisions made at the recently concluded African Union (AU) summit in Addis Abeba, Ethiopia, were ratified by African leaders of state and government.
“The leaders emphasised the significance and timing of the Dakar 2 Food Summit in addressing issues such as escalating food prices, disruptions in the global food supply, and a deterioration of food insecurity in Africa.
“And they demanded worldwide assistance to promptly put the results into practice.”
