africa Agriculture Banking development Economy Food Tanzania

Tanzania among six countries FAO has earmarked for agriculture investments

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The collaboration between the AfDB and FAO began in 1968. Since then, FAO has provided technical assistance to the formulation of 161 AfDB financed projects, valued at over $3.7 billion representing about 21 percent of AfDB’s support to the agricultural sector.

 

Tanzania is among the six countries set to benefit from a strategic alliance seeking to to raise funds to promote food security in Africa.

The alliance is between the African Development Bank and Food and Agriculture Organization of the United Nations (FAO) target agriculture investments to end hunger and create wealth in Africa.

The two parties, FAO and the AfDB have agreed to raise up to $100 million over five years, to support joint partnership activities.

The collaboration between the AfDB and FAO began in 1968. Since then, FAO has provided technical assistance to the formulation of 161 AfDB financed projects, valued at over $3.7 billion representing about 21 percent of AfDB’s support to the agricultural sector.

Other countries set to benefit

Recent collaboration between the Bank and the FAO include project formulation support in Tanzania and Equatorial Guinea. It also included technical assistance for the development of Blue economy programmes in Côte d’Ivoire, Morocco and Cape Verde. Other than that, there will be a feasibility study for agricultural transformation centres in Zambia, Tanzania and Côte d’Ivoire; and participation in the African Leaders for Nutrition initiative.

Specifically, the new strategic alliance seeks to enhance the quality and impact of investment in food security, nutrition, social protection, agriculture, forestry, fisheries and rural development.

AfDB President Akinwumi Adesina and FAO Director-General José Graziano da Silva signed the agreement, which builds on a longstanding collaboration between their organizations, at the UN agency’s Rome headquarters.

According to the FAO Director-General José Graziano da Silva, FAO and the AfDB are deepening and broadening their partnership to assist African countries achieve the sustainable development goals.

“Leveraging investments in agriculture, including from the private sector, is key to lift millions of people from hunger and poverty in Africa and to ensure that enough food is produced and that enough rural jobs are created for the continent’s growing population,” he said .

“The signing of this supplementary agreement is a milestone moment in the relationship between the African Development Bank and FAO. It signals our joint commitment to accelerate the delivery of high quality programs and increased investment for public-private-partnerships in Africa’s agriculture sector. This will help us achieve the vision of making agriculture a business, as enshrined in the Bank’s Feed Africa strategy.” said AfDB President Akinwumi Adesina.

What FAO and AfDB partnership entails

In a statement from FAO, Adesina noted that the partnership between the AfDB and FAO envisages a collaborative programme of action with a series of outcomes. some of these outcomes include, better and more effective AfDB financed investment operations; increased public-private-partnership investments. it also looks to have a better investment climate and portfolio performance; and, advocacy and joint resources mobilization. FAO’s technical assistance will cover areas such as sustainable agricultural intensification and diversification, scaling up value chain innovations, youth in agriculture and agribusiness. Other areas include, agricultural statistics, climate smart agriculture, blue growth/blue economy, food security and nutrition, agri-food system, food safety and standards. Women’s economic empowerment, promotion of responsible private investments, resilience and risk management and capacity building for transition states will also be part of this.

The collaborative programme would be created through an initial financial contribution of up to $15 million by the two institutions.

Source: The Exchange

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