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AfDB promises funds for agribusiness in Africa

The African Development Bank (AfDB) is to invest US$100 million in its first agribusiness-focused Fund of Funds programme

A statement from the AfDB said, “The fund will focus on agribusiness investments in the African continent. This initiative will address growing food security concerns and unleash the largely-untapped potential of the African agriculture and agribusiness.

"The launch of the initiative comes as African agriculture and food security gain increasing prominence on the global agenda, with the recent G8 Summit in Camp David pledging to promote investments in sustainable agriculture on the continent," it added.

Experts have said that the AfDB's latest investment, directed at national-level interventions, could be significant for the continent's agriculture sector.

AfDB president Donald Kaberuka said, “There was a broad consensus that it is the right thing to do to give a boost to agriculture.

“The Fund of Funds will be in compliance with a state-of-the-art environment and social management system, currently being developed by AfDB in cooperation with the World Wildlife Fund,” he added.