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Africa’s agricultural production is expected to double as development banks and institutions pledge US$17 billion to boost food security

In a bold bid to counter raising hunger on the African continent and boost food security, a coalition of multilateral development banks and partners has pledged over US$17 billion in financing.On the final day of a two-day high-level dialogue titled “Feeding Africa: Leadership to Scale Up Successful Developments,” these funds were pledged.In collaboration with the Forum for Agricultural Research in Africa (FARA) and the CGIAR System Organization, the Africa Development Bank and the UN International Fund for Agricultural Development (IFAD) hosted the event.In addition, 17 African heads of state committed to doubling current agricultural productivity by scaling up agro-technologies, investing in market access, and encouraging agricultural research and development.At the conclusion of the case, the different parties signed a communiqué setting out these commitments.More than US$10 billion in pledges came from the African Development Bank, which said it would spend US$1.57 billion over the next five years to scale up 10 priority commodities. This will assist countries in being self-sufficient.

Source: Tech Gist

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