The African Development Bank and the FAO has 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.
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 organisations, 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.”