The African Development Bank and the FAO agreed to boost joint efforts aimed at catalysing agriculture sector investments in Africa to end hunger and malnutrition and increase prosperity throughout the continent. In terms of the agreement, the African Development Bank and the FAO are committed to raise up to $100 million over five years, to support joint activities.
This type of long term collaboration has been existing between the African Development Bank and FAO began in 1968. 161 projects valued at over $3.7 billion has been executed which represents 21 percent of the AFDB support to the agricultural sector.
Specifically, the new strategic alliance seeks to enhance the quality and impact of investment in food security, nutrition, social protection, agriculture, forestry, fisheries and rural development.
African Development Bank President Akinwumi Adesina and FAO Director-General José Graziano da Silva signed the agreement, which builds on a longstanding collaboration between their organizations, at the UN agency’s Rome headquarters.
“FAO and the African Development Bank are deepening and broadening our partnership to assist African countries achieve the sustainable development goals. Leveraging investments in agriculture, including from the private sector, is key to lift millions of people from hunger and poverty in Africa and to ensure that enough food is produced and that enough rural jobs are created for the continent’s growing population,” said FAO Director-General José Graziano da Silva.
The FAO is a specialized agency of the United Nations that leads global efforts to defeat hunger.
President Adesina said, “The signing of this supplementary agreement is a milestone moment in the relationship between the African Development Bank and FAO. It signals our joint commitment to accelerate the delivery of high quality programs 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.”
A programme of action
The strengthened partnership between the African Development Bank and FAO envisages a collaborative programme of action with a series of outcomes, including: better and more effective Bank-financed investment operations; increased public-private-partnership investments; a better investment climate and portfolio performance; and, advocacy and joint resources mobilization.
FAO’s technical assistance would cover areas such as sustainable agricultural intensification and diversification, scaling up value chain innovations, youth in agriculture and agribusiness, agricultural statistics, climate smart agriculture, blue economy, food security and nutrition, agri-food system, food safety and standards, women’s economic empowerment, promotion of responsible private investments, resilience and risk management and capacity building for transition states.