The African Development Bank Group (AfDB) and the International Fund for Agricultural Development (IFAD) have agreed to lead an initiative to involve the private sector in enhancing investment in agriculture and food production for food security in Africa.
Dubbed “Mission 1 for 200,” it is expected to increase resilience by providing support for food systems and farmers in adapting to climate change as well as lowering agriculture’s negative environmental effects and emissions.
According to the two organisations, productivity in the sector is expected to see a massive boost through the application of cutting-edge, climate-smart technologies and advice, and agricultural productivity is also anticipated to double.
The “Mission 1 for 200″ agenda will attract greater investment to fragile regions that are adversely affected by climate change and often deemed “too risky.”
Besides, it will increase funding to the agriculture and food sectors.
A statement cited on myjoyonline reiterated that this will encourage improved and climate-adapted production and value-addition as “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.
Meanwhile, during the Africa Food Summit on “Food Sovereignty and Resilience,” the President of AfDB, 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.
The summit, held in Dakar, Senegal, was attended by African presidents of state, ministers of agriculture and finance, governors of central banks, business executives, farmer organizations, and development partners.
The summit aimed to improve support for the agricultural and food industries.
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.
