AfDB targets 38 metric tonnes increase in Africa’s food production

The African Development Bank (AfDB) is taking significant steps to address the looming food crisis in Africa by launching a $1.5 billion Emergency Food Production Facility. Atsuko Toda, the Director for Agricultural Finance and Rural Development at AfDB, discussed the bank's objectives and initiatives during an interview with CNBC Africa. The annual meetings held in Ghana focused on critical issues such as climate resilience and the green transition. These discussions were pivotal in shaping the bank's strategy for enhancing food security on the continent. The recent Russia-Ukraine crisis has heightened concerns about food security in Africa, with one in every four people facing the risk of hunger. AfDB's emergency facility aims to ramp up food production over the next two years through key initiatives. This includes providing seeds, financing fertilizer, and implementing policies to accelerate productivity among African farmers. By digitalizing access to farmers, the bank intends to ensure efficient distribution of resources directly to those in need. Collaborating with various countries, AfDB is tailoring policies to address specific challenges and enhance agricultural productivity. The focus is on creating a conducive environment for private sector involvement in agriculture, transparent procurement processes, smart subsidies, and sustainable production growth. Looking ahead, the bank recognizes the urgent need to address the broader threat of climate change on agriculture. Initiatives like promoting climate-adapted seeds and disaster risk financing are crucial in mitigating the impact of climate-related challenges. Additionally, aligning with countries' climate change agendas and encouraging the adoption of innovative technologies are key strategies in building climate-resilient agricultural systems. The African Development Fund plays a vital role in supporting countries during transition phases, offering essential resources for development projects. Engaging with the private sector is integral to AfDB's efforts, with discussions focusing on de-risking investments and providing liquidity to agribusinesses. By combining public and private sector forces, sustainable solutions can be achieved to overcome agricultural crises. Capacity building for smallholder farmers is a priority, with initiatives like agro-industrial processing zones and technology adoption aimed at enhancing their market access and production capacity. Addressing policy challenges, particularly around land security, is critical for enabling long-term investments and sustainable growth in the agriculture sector. AfDB emphasizes the importance of stable and business-friendly policies to attract private sector investments and drive agricultural development across the continent.