AfDB Response to the Food Crisis - First Batch of Projects

17 November 2008
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African Development Bank (Abidjan)
press release

The financial crisis is an additional burden to African leaders already saddled with a food crisis hurting Africans. The African Development Bank (AfDB) is at the forefront of efforts aimed at finding a solution to the problem. In this regard, it has added US$1 billion to its agricultural portfolio, taking it up to US$ 4.8 billion. It has also restructured some of its agricultural portfolio to provide a rapid disbursement facility to the tune of US$ 250 million.

Among the short term measures adopted is an increased dissemination of NERICA rice seeds to help farmers meet their needs during the upcoming planting season.

These measures are part of the African Food Crisis Response (AFCR), the Bank's framework for accelerated support to its Regional Member Countries (RMCs) affected by high food prices.

The specific objectives of the AFCR are to reduce vulnerability of the poor to high and unstable food prices; support broad-based growth through increased agricultural productivity, strengthen government policies for sustainable agricultural development; and strengthen government capacity to ensure an enabling environment for sustainable agricultural growth, including private sector participation.

Ongoing Projects

Ethiopia has accepted the Bank's proposed short-term measures to address the current food crisis affecting the institution's Regional Member Countries. Subsequently, the Ethiopian government has agreed to the Bank's request to restructure fourteen (14) Bank projects in the country and to provide UA 39,680,001, equivalent to US$59.12 million to purchase fertilizers and boost crop production in the country. Read More

Meanwhile, the Rwandan government has accepted the Bank's proposed short-term measures to address the current food crisis affecting the country. The government has agreed to the Bank's request to restructure one (1) non-agricultural project, the "Rural Water Supply and Sanitation Project in the country. The Bank is expected to provide UA 3.442 million, equivalent to US$ 5.13 million for the purchase of agricultural inputs to boost crop production in the country. Read More

Read the original article on African Development Bank (AfDB).

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