The AfDB made this announcement in January during the second edition of the African Summit on Food Sovereignty held in Dakar, Senegal.
According to Akinwumi Adesina, AfDB president, even though Africa has the potential to feed its citizens fully and export the surplus, more than 283 million Africans suffer from hunger every day.
The pan-African institution estimates that the continent could increase its agricultural production from the current US$280 billion per year to 1 trillion by 2030 if public and private actors managed to remove the obstacles to the development of agriculture and mobilize the necessary investments along the food value chain.
The AfDB has been diligent in working with African countries to boost economic development and develop the capacity of these countries to feed themselves sufficiently.
During the Dakar 2 Summit, the president called for the mobilization of government resources, development partners, and private sector actors, including commercial banks and financial institutions, to unlock the agricultural and food potential of the continent.
Different countries in the continent have ongoing projects that the AfDB is funding to boost the economy.
For example, in Madagascar, the AfDB has funded the South-West Region Agricultural Infrastructure Rehabilitation Project providing a new boost to agriculture and resulting in enhanced farmers’ incomes.
In addition, the Board of Directors of the African Development Bank Group recently approved a US$30 million Trade & SME Finance Facility for Family bank Limited (FBL) in Kenya.
The African Development Bank has signed a €362,000 (US$389,510) grant agreement with Hadejia Jama’are Komadugu Yobe Basin-Trust Fund to implement the second phase of developing a strategic plan for managing water resources in the Komadugu-Yobe Basin in northern Nigeria.
The institution has also signed a €362,000 grant agreement with Hadejia Jama’are Komadugu Yobe Basin-Trust Fund to prepare additional studies under the second phase of developing a strategic plan for managing water resources in the Komadugu-Yobe Basin in northern Nigeria.
This project will see to it that farmers have better-managed water resources for the enhancement of agriculture in the country.
Additionally, the board approved a US$3.9 million grant to finance the upgrade of Liberia’s payments infrastructure and systems project.
These projects indirectly contribute to the eradication of poverty and hunger by providing a conducive environment for agricultural players to thrive and fast-track food production goals.