The funds form part of the company’s support for a range of food security programmes including the New Vision for Agriculture Initiative, the Grow Africa Partnership and the G8’s New Alliance for Food Security and Nutrition.
Hugh Grant, chairman, president and chief executive officer of Monsanto Company, made the announcement at the 2012 G8 Summit during a session on food and nutrition security and agricultural development across the African continent.
“I believe public and private sector commitment is necessary and able to support a transformation in African agriculture,” said Grant.
“As a company committed to improving lives through agriculture, we stand ready to work together with African leaders to turn their ideas into action with the sense of urgency and scale needed to deliver local solutions to meet our global challenges.”
The US-based firm will use the money to seek increased collaboration among farmers, private industry, governments and civil society groups, as part of its attempts to strengthen the African agricultural value chain and fuel the development of innovations that support an increase in productivity.
“There is no single group or simple solution that can solve the food issues facing a growing population,” Grant noted.
“Rather, through the partnership and cooperation of many, we can deliver improvements that can drive food security, environmental sustainability and economic opportunity in Africa and beyond,” he added.