The African Development Bank (AfDB) has approved 77 projects worth $3.9 billion to drive food and agriculture initiatives across 32 countries, with an additional $1.72 billion set for approval this year.
AfDB President, Dr. Akinwumi Adesina, announced plans to launch a $500 million facility aimed at unlocking $10 billion in financing for smallholder farmers and agribusinesses across Africa.
Despite agriculture being a key economic driver, bank lending to the sector remains below 5% in many African countries, largely due to perceived risks tied to climate variability and lack of collateral.
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"We must act now to change this reality," stressed Dr. Beth Dunford, AfDB's Vice President for Agriculture, Human, and Social Development.
PAFO President Ibrahima Coulibaly called for bold action, emphasizing that agriculture is the only sector capable of creating enough jobs to tackle hunger, malnutrition, and poverty in Africa.
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