The African Development Bank Group (AfDB) and the International Fund for Agricultural Development (IFAD) have agreed to establish an initiative to enhance investment for the agriculture and food sectors in the private sector in Africa.
The initiative called ‘Mission 1 for 200’ is expected to increase resilience by assisting food systems and farmers in adapting to climate change and lowering agriculture’s negative environmental effects and emissions.
Through the application of cutting-edge, climate-smart technologies and advice, agricultural productivity is also anticipated to double.
The initiative will work to bring greater investment to fragile regions that are disproportionately impacted by climate change and often deemed “too risky”.
It will also increase funding to the agriculture and food sectors.
According to a statement seen by JoyNews, in order to encourage improved and climate-adapted production as well as value-adding, Mission 1 for 200 will leverage the private sector, de-risk, and unlock additional private investment.
Along with providing delivery models that analyze supply chain structures for services that increase the productivity and profitability of smallholder farmers, the effort will aim to create an environment that is supportive of food systems and will support policy development in this area.
“The initiative will also work to build the enabling and policy environment for food systems and provide delivery models that analyse supply chain structures for providing services that improve the productivity and profitability of smallholder farmers” parts of the statement read.
On the eve of the Africa Food Summit on “Food Sovereignty and Resilience,” AfDB President Dr. Akinwumi Adesina and IFAD President Dr. Alvaro Lario signed a statement of intent formalizing their collaboration.
They want to increase funding for the agriculture and food industries.
African presidents of state, ministers of agriculture and finance, governors of central banks, business executives, farmer organizations, and development partners came together at the summit to mobilize high-level political will and financial resources for food and agriculture delivery compacts.
The goal of the Africa Food Summit in Dakar, which began on Wednesday and ended on Friday, is to improve support for the agricultural and food industries.
It also mobilized high-level political will and financial resources for food and agriculture delivery compacts.
According to AfDB President Mr Adesina, Mission 1 for 200 will offer considerable financial support to African nations.
The initiative, he said, will also inspire policy changes, and tap into co-financing opportunities through collaboration with other development partners, drawing on the expertise of both institutions.
“This landmark initiative will foster innovative agricultural ventures to boost food production, enhance efficiency within a framework of enhanced market dynamics and sustainable food systems and spur policy changes,” Mr Adesina added.
According to IFAD President Lario, only investments in agriculture that aided small-scale farmers could help Africa escape its worrying downward spiral of crisis after crisis.
He noted that strategic investments will increase agricultural output, foster food sovereignty, and open doors for everyone by facilitating a more equal distribution of food and access to it.
‘Mission 1 for 200’, he explained, will raise additional funding from creative and unconventional donor sources as well as private sector investors by leveraging the contributions made by both IFAD and the African Development Bank Group.
In order to treat green money and climate funds as a long-term supportive solution, the project will build on the momentum around climate adaptation and mitigation.
Other development partners are encouraged to participate and contribute to Mission 1 for 200.
