The African Export-Import Bank (Afreximbank) has invested US$6 billion to strengthen Africa's food security prospects due to climatic changes and heightened geo-political influence.
The Director of Export Development at the Bank, Madam Oluranti Doherty, who was participating in a panel discussion at the ongoing Afreximbank Annual meetings (AAM2023), disclosed this in Accra.
She stated, "The Bank has also released more than US$700 million to support the setting up of special economic zones (SEZs), industrial and agro parks in several of its member countries."
Madam Doherty pointed out that with food insecurity constituting a major challenge to Africa's economic independence and growth, Afreximbank was reinvigorating its approach to supporting the continent to achieve self-sufficiency in food production.
"At Afreximbank, we are firmly convinced that industrial parks and SEZs are critical tools the continent can deploy to fast-track its agricultural development, promote intra-African trade and facilitate export development. This is a priority for the Bank as it remains pragmatic in providing workable solutions to challenges facing its member countries," she said.
The African Union Commissioner of Agriculture, Rural Development, Blue Economy and Sustainable Development, Dr Josefa Sacko, called for the implementation of the 2014 Malabo Declaration on Accelerated Agricultural Growth and Transformation for Shared Prosperity and Improved Livelihoods.
"This set a targeted approach to achieving the continent's aim of food security and sustainability for economic growth and poverty reduction," he stressed.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
He noted that Africa boasted of abundant aquatic resources, over 60 per cent of uncultivated arable lands and a young population, adding that what remained was the effective implementation of such policies as the Malabo Declaration.
Dr Sacko commended Afreximbank for the role it was playing to help make Africa a sustainable and food-secure continent. She expressed regret that currently, 38 African countries were net importers of food, a situation that calls for urgent action from every player.
She stated, "We cannot be food secure in a conflict-filled environment. Let us silence guns all over Africa, implement already generated policies around sustainability for profitable agriculture and watch as the continent becomes the world's food basket."
In the panel discussion were the President and CEO of Cassava Technologies, Mr Hardy Pemhiwa, and the Executive Director for Agricultural Research in Africa, Dr Yemi Akinbamijo.
The meeting, which ends on the 21st of June 2023, has in attendance political and business leaders, bankers and trade finance practitioners from across Africa and beyond, including leaders of several member countries of the Caribbean.
