Home Food Security African Development Bank (AfDB) approved $25 billion for Agriculture Industry

African Development Bank (AfDB) approved $25 billion for Agriculture Industry


The African Development Bank (AfDB) said it has set aside $25 billion to make agriculture and agribusiness Africa’s biggest industry.

According to the Communication and External Relations Department, said the AfDB President, Dr. Akinwumi Adesina, spoke at the ongoing Tokyo International Conference of African Development (TICAD) in Japan.

He said the reason was not far-fetched and predicted that the size of food and agriculture would rise to $1trillion by 2030.
According to him, a lot of progress has been made in this renewed drive to transform agriculture on the continent.

Adesina said: “The AfDB inaugurated the Technologies for African Agricultural Transformation (TAAT) to help ramp up technologies to millions of farmers.

“TAAT connects the global agricultural research centres, national agricultural research centres, private sector and agricultural value chains in Africa, in an unprecedented effort to connect the supply and demand side of technologies seamlessly.
“For the first time, accountability was built into the approach, with technology delivery compacts signed by all participating institutions and partners”.

“TAAT partners, which include the World Bank, AGRA, IFAD and the Bill and Melinda Gates Foundation have mobilised $1billion”.

“The results are impressive. Last year alone, the TAAT maize compact helped to deliver water efficient maize across the Southern Africa region that was experiencing severe drought”.

“Working with 30 private seed companies, the TAAT maize compact produced more than 27,000 tons of seeds of water efficient maize that was planted by 1.6 million farmers in just one year.’’

He said Africa must feed itself and it must do more than that while the continent must also turn itself into a global power-house in food production.