AfDB approves $1.5 billion to avert food crisis in Africa

The African Development Bank (AfDB) Board of Directors has approved a $1.5 billion facility to help African countries avert a looming food crisis.

Following the disruption of food supplies arising from the Russia-Ukraine war, Africa faces a shortage of at least 30 million metric tons of food, especially wheat, maize, and soybeans imported from both countries.

The AfDB’s $1.5 billion African Emergency Food Production Facility aims to provide 20 million African smallholder farmers with certified seeds, increased access to agricultural fertilizers and to facilitate rapid production of 38 million tons of food.

Speaking on the development, the AfDB President, Dr. Akinwumi Adesina, said the bank would provide $1.3 billion while $200 million would be sourced from bilateral donors.

Source: Agro Nigeria