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Africa's plan to transform agriculture hits US$50bn in international support

Africa’s effort to transform its agriculture and become a breadbasket has continued to receive strong global support, with development partners agreeing to commit more than US$50bn to the plan barely two months after its launch

At the recent Dakar 2 food summit, organised by the Senegalese government and the African Development Bank, political leaders resolved to work closely with international partners on compacts that would transform agriculture across the continent.

Among the donors is Germany, which plans to contribute US$14.34bn, and the United States, which intends to provide US$5bn. The African Development Bank aims to contribute US$10bn over five years, while the Islamic Development Bank intends to provide US$7bn.

Other donors are the European Union; the European Investment Bank (EIB); the International Fund for Agricultural Development (IFAD); the West African Development Bank; the Arab Bank for Economic Development in Africa; the French Development Agency, AFD; Ireland; the Netherlands; Switzerland and the United Kingdom.

In Dakar, the leaders agreed to allocate at least 10% of public expenditure to increase funding for agriculture. They also resolved to deploy robust production packages to boost productivity and increase resilience to achieve food security and self-sufficiency.

At the recently concluded AU summit in Addis Ababa, Ethiopia, African heads of state and government endorsed the outcomes, calling for global support for its immediate implementation.