The Board of Directors of the African Development Bank Group approved a $1.5 billion facility on Friday to help African countries avoid an impending food crisis.

Africa today faces a food deficit of at least 30 million metric tons due to the disruption of food supply caused by the Russia-Ukraine conflict, particularly wheat, maize, and soybeans imported from both nations.

Bread and other food items have already suffered price increases in many African countries. If the imbalance is not closed, Africa’s food output will fall by at least 20%, costing the continent more than $11 billion in food.

The African Emergency Food Production Facility would give certified seeds to 20 million African smallholder farmers. It will improve access to agricultural fertilizers, allowing them to produce 38 million tons of food more quickly.This would be a $12 billion increase in food production in just two years.

The $1.5 billion strategy of the African Development Bank will result in 11 million tons of wheat, 18 million tons of maize, 6 million tons of rice, and 2.5 million tons of soybeans being produced.

Source: African Development Bank Group


The opinions expresses here in the post "African Development Bank Approves $1.5 billion Facility to Avert Food Crisis" are those of the individua's contributor(s) and do not necessarily reflect the views of Business Info Ethiopia , BIE Intelligence PLC, its publisher, editor, or any of its other contributors.


Comments are closed.