AfDB to invest $10bn to end hunger, boost food production
The African Development Bank (AfDB) has pledged to commit $10bn over the next five years in an effort to end hunger in Africa and establish the continent as a major food provider for both itself and the rest of the world. The announcement was made by the bank’s president, Dr Akinwumi Adesina, at the Dakar 2 Africa Food Summit in Diamniadio, Senegal.
Adesina urged more than 34 heads of state, 70 government ministers, and representatives from the private sector, farmers, and development partners to collaborate and create compacts that would drive food and agricultural transformation across Africa. He emphasized the need for collective action to unlock Africa’s agricultural potential and establish the continent as a global breadbasket.
The Dakar 2 summit, which is taking place under the theme “Feed Africa: food sovereignty and resilience,” is being co-hosted by the Government of Senegal and the AfDB. The event is taking place eight years after the inaugural Dakar 1 summit, where Adesina announced the bank’s Feed Africa strategy.
Opening the summit, President Macky Sall of Senegal, who is also the African Union chairperson, stated that it was time for the continent to feed itself by adding value and utilizing technology. He said, “From the farm to the plate, we need full food sovereignty, and we must increase land under cultivation and market access to enhance cross-border trade.”
The chairperson of the African Union Commission, Moussa Faki Mahamat, said that the summit was timely and would provide innovative solutions to help Africa become less dependent on food imports. He urged development partners to work together within existing structures such as Agenda 2063 and the African Continental Free Trade Area for sustainable transformation.
Mahamat also praised the AfDB for rolling out transformative initiatives, including a $1.5bn emergency food production facility in 2022 to help African countries avoid a potential food crisis following Russia’s war in Ukraine.
The President of Kenya, William Ruto, stated that it is a shame that 60 years after independence, Africa is still having to discuss feeding itself. He emphasized the need for the continent to do better.
The AfDB chief urged leaders to turn their political will into decisive actions to deliver food security for Africa. He said, “We must strongly support farmers, especially smallholder farmers, majority of whom are women, and get more young people into agriculture. And we must take agriculture as a business, not a development activity, and boost support to the private sector.”
During the three-day summit, private sector players are expected to commit to national food and agriculture delivery compacts to drive policies, create structural reforms, and attract private sector investment. Central bank governors and finance ministers are also expected to develop financing arrangements to implement the food and agriculture delivery compacts in conjunction with agriculture ministers, private sector players, commercial banks, financial institutions, and multilateral partners and organizations.
