The African Development Bank (AfDB) announced on Monday an envelope of 1.5 billion dollars, recently approved by its Board of Directors, to prevent a food crisis in Africa, against the backdrop of the war between Russia and Ukraine. , two major world wheat exporters.
The information was communicated by the President of the AfDB, Akinwumi Adesina, to the press in Accra (Ghana), before the opening of the General Meetings of the AfDB scheduled for May 23-27. He explained that his institution wants to “help African countries produce food and do it quickly”, as they increasingly face a shortage of cereals.
The funding will “increase the production of wheat, corn, rice and soybeans, to compensate for the loss of supply due to the war in Ukraine,” he continued. Concretely, a total of “20 million African farmers (…) will receive certified seeds and technologies to quickly produce 38 million tons of food”.
On the other hand, the envelope will be used to offer wholesalers and aggregators loans for the large-scale supply of fertilizers, and to support agrarian policy reforms in African countries.
According to the ADB, the price of wheat has risen by more than 45% in Africa since the beginning of the Russian-Ukrainian crisis, while those of fertilizers have increased by 300%. But beyond Africa, several other countries around the world are experiencing grain shortages.
The AfDB’s annual meetings officially opened on Tuesday, May 24. They take place face-to-face, in part, after two years by videoconference, due to the Covid-19 pandemic.
These meetings, which attract some 3,000 delegates, are the most important event of the year for the financial institution. The theme chosen for this year is: “Fostering Climate Resilience and a Just Energy Transition for Africa”.
By OMA Newsletter N° 715 of 05/24/2022
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
