African countries promised $30b investments in agriculture
The agriculture sector of African countries has been promised what has been described as unprecedented in financial commitments.
African leaders, businesses and international donors have made promises to contributing a total of $30 billion to the continent’s agriculture sector at the ongoing sixth African Green Revolution Forum (AGRF), in Nairobi, Kenya.
The pledges are expected to go into investments to increase production, income and employment for smallholder farmers and local African agriculture businesses over the next ten years.
The collective pledges at the AGRF are believed to represent the largest package of financial commitments to the African agricultural sector to date, backed by the broadest coalitions ever assembled in support of food production on the continent, a press release from the organisers has said.
Joined by President Paul Kagame of Rwanda, Kenya’s President, His Excellency Uhuru Kenyatta, officially opened AGRF 2016 by laying out a bold vision for how agriculture transformation should play out in Kenya and across Africa.
President Uhuru Kenyatta of Kenya, at the opening of the conference, announced his government will invest $200 million so at least 150,000 young farmers and young agriculture entrepreneurs can gain access to markets, finance, and insurance. He then called on his fellow heads of state across Africa to step-up and invest aggressively over the next five years in agriculture-related endeavors.
The US government already has invested more than $6.6 billion in global food security and nutrition efforts through its Feed the Future initiative.
Other agriculture investors and development partners announcing new financial and policy commitments included: The African Development Bank, Bill & Melinda Gates Foundation, The Rockefeller Foundation, Kenya Commercial Bank (KCB) Group, OCP Africa, World Food Programme, Yara International ASA, and the International Fund for Agricultural Development (IFAD). Additional new investments are expected at the three-day forum. Strive Masiyiwa, AGRF Partners Chairman and Founder and CEO of Econet recorded the specific commitments in detail.
By Emmanuel K Dogbevi