WEST AFRICA –The African Development Bank (AfDB) has announced a US$650 million Regional West Africa Rice Development Program in collaboration with the Africa Rice Center to enhance food security across West Africa.
This ambitious initiative, revealed by AfDB President Dr. Akinwumi Adesina at the 6th Mid-Year Coordination Meeting of the African Union (AU) in Accra, Ghana, aims to integrate one million farmers across 15 countries and produce 53 million tons of rice within five years.
Dr. Adesina expressed confidence in achieving regional rice self-sufficiency, drawing parallels with the AfDB’s success in helping Ethiopia become a net wheat-exporting country.
“In five years, West Africa will achieve self-sufficiency in rice. We know we can do it. Our work helped Ethiopia to become self-sufficient in wheat in under four years, turning it into a net wheat-exporting country,” the Bank Group head said.
He highlighted that strong political will is crucial for the program’s success, citing the Bank’s flagship Technologies for African Agricultural Transformation (TAAT) program as a testament to what can be accomplished.
At the meeting, which gathered heads of state, government officials, and representatives from regional economic communities, Dr. Adesina also outlined the AfDB’s recent financial milestones.
The Bank’s general capital increase from US$201 billion to US$318 billion, approved by the Board of Governors in May, will ensure the institution maintains its AAA credit rating and meets the continent’s growing development needs.
The AfDB has also been instrumental in developing a new financial model in collaboration with the Inter-American Development Bank, enabling International Monetary Fund’s Special Drawing Rights to be channeled through multilateral development banks.
Dr. Adesina reported the successful launch of a US$750 million hybrid capital by the Bank, a pioneering move that creates a new asset class for global investors and will be leveraged to enhance lending capacity.
Additionally, he updated the leaders on the Bank’s efforts to incorporate Africa’s natural wealth into GDP measurements and progress on the Africa Financial Stability Mechanism, which aims to mitigate financial shocks.
The Bank was recently ranked as the most transparent development financial institution globally by Publish What You Fund. It has also been recognized for its efforts in expanding electricity access, with over 20 million people benefiting from its initiatives.
The US$20 billion Desert to Power initiative, which aims to develop 10,000 megawatts of solar power across the Sahel zone, is already making strides, including the US$890 million Mauritania-Mali Power Interconnection Project that will benefit 2.7 million people.
Ghana’s President Nana Addo-Dankwa Akufo-Addo, host of the meeting, urged accelerated action to achieve financial stability and economic integration as outlined in the AU’s Agenda 2063.
AU Chairperson Mohamed Ould Ghazouani of Mauritania announced plans to raise about US$100 billion to support export-oriented businesses and emphasized effective coordination between the AU and regional blocs to achieve continental integration and sustainable socio-economic development.
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