The African Development Bank Group will invest $10 billion over the next five years to support Africa’s initiatives to eradicate hunger and establish itself as the world’s largest producer of food.
Dr. Akinwumi Adesina, president of the Bank Group, made the announcement on Wednesday at the Dakar 2 Africa Food Summit in Diamniadio, east of Dakar, the city of Senegal.
Dr. Adesina urged more than 34 presidents of state, 70 ministers, the private sector, farmers, aid organizations, and business leaders to come up with agreements that will alter food and agriculture on a large scale throughout Africa.
He urged them to work together to realize the agricultural potential of the continent and turn it into the world’s breadbasket.
The Dakar 2 summit is being held in the midst of supply chain disruptions brought on by the CoVD-19 epidemic, climate change, and Russia’s invasion of Ukraine, under the subject “Feed Africa: food sovereignty and resilience.”
There were more than a thousand delegates and dignitaries present, including Michael D. Higgins, the president of Ireland.
Eight years after the initial Dakar 1 summit, where the newly elected Adesina introduced the Bank’s Feed Africa plan, the African Development Bank Group and the government of Senegal are co-hosting the summit.
President Sall, who is also the head of the African Union, opened the summit by declaring that the moment had come for the continent to feed itself by creating value and increasing its use of technology.
The Dakar meeting, according to African Union Commission Chair Moussa Faki Mahamat, was necessary and will offer creative solutions to help Africa become less reliant on food imports.
Mahamat praised the African Development Bank for launching game-changing initiatives, such as a $1.5 billion emergency food production facility in 2022 to assist African nations in avoiding a potential food crisis in the wake of Russia’s conflict in Ukraine.
According to Irish President Michael D. Higgins, 20% of the world’s youth reside on the continent of Africa, which has a lot of potential. He predicted that in the future, the rest of the world would admire it.
United Nations Secretary-General Antonio Guterres stated in his speech to the meeting that due to the Russia-Ukraine war, which had driven up fertilizer prices and complicated their supply, Africa was currently struggling with the effects of climate change and food insecurity.
He promised that the UN will assist Africa in becoming a worldwide food powerhouse.
Nigeria’s President Muhammadu Buhari stated that nations must provide more support for farmers, allocate a portion of the national budget to agriculture, and encourage young people and women to get into farming.
Private sector participants are anticipated to sign national food and agriculture delivery compacts during the three-day summit in order to influence policies, implement structural reforms, and entice private sector investment.
In collaboration with agriculture ministers, private sector participants, commercial banks, financial institutions, and multilateral partners and organizations, central bank governors and finance ministers are expected to develop financing plans for implementing the food and agriculture delivery compacts.
Source: News Ghana
