The letter of intent, which aims at increasing Pan-African agriculture funding campaign of the organisations, was signed by presidents of the two bodies, Dr. Akinwumi Adesina and Alvaro Lario, yesterday, at the ongoing second Feed Africa Summit holding in Dakar, Senegal.
The initiative comes at a time some African countries are battling to stave off famine. About 283 million Africans are said to go to bed hungry daily, while a World Bank report revealed that four, out of 10 nations with escalating food prices last year, were Africans. Zimbabwe topped the list with triple-digit food inflation.
According to the concept note shared by the AfDB communications team, the MoU builds “on strengths of the two organisations – IFAD with smallholder farmers and linking them to markets and AfDB with Technologies for African Agricultural Transformation and the Special Agro-Industrial Processing Zones Initiative.”
“The Nigeria SAPZ Programme Phase 1 is a good example of the two organisations’ collaboration and co-financing at scale, with $210 million by the Bank and $100 million by IFAD along with other investors , totaling more than $500 million.”
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianNigeria - 🏆 1. / 94 Read more »