Africa pledges $30 bln support to agriculture sector
Source: Middle East Insurance Review | Oct 2016
African leaders, the private sector and major development partners have pledged more than US$30 billion in investments to increase production, income and employment for the continent’s small scale farmers and local agricultural businesses over the next 10 years.
The collective pledges at this year’s African Green Revolution Forum (AGRF) in Nairobi, Kenya, are believed to represent the largest package of financial commitment to agricultural sector in Africa to date. The AGRF attracted more than 1,500 influential figures from 40 countries for three days of brokering new agricultural initiatives.
The historic investments represents the first wave of support for the new “‘Seize the Moment” campaign backed by the African Union Commission, the New Partnership for Africa’s Development (NEPAD), the African Development Bank, the Alliance for a Green Revolution in Africa (AGRA), key NGOs, companies and donor countries. The campaign is a decisive push for the political, policy and financial commitments necessary to transform Africa’s agricultural sector.
A report released in early September by AGRA said African countries that took early action in the past decade to invest in agriculture had reaped the rewards, enjoying higher economic growth and a bigger drop in malnutrition.
But much more funding was needed to expand progress across sub-Saharan Africa, the report said. Currently around 70% of Africa’s population depends on agriculture for food and income, but many farmers are still struggling with poverty and poor nutrition.