The African Development Bank (AfDB) Group’s Board of Directors has approved 24; fast-track programmes to help the continent mitigate rising food prices and inflation caused by Russia’s war in Ukraine, climate change and the Covid-19 pandemic.
A statement by the bank said the first round of approvals were part of the bank’s $1.5 billion African Emergency Food Production Facility; established in May, to boost food security, nutrition, and resilience across the continent. The statement noted that the facility would provide 20 million African smallholder farmers; with certified seeds and increased access to agricultural fertilizers.
It also stated that it would also support governance; and policy reform is expected to encourage greater investment in Africa’s agricultural sector.
It added that the African Emergency Food Production Facility would enable farmers in the continent to produce 38 million additional tons of food over the next two years; adding that this is food worth an estimated $12 billion