African Development Bank Group’s decision to commit a 120 million US dollars (about 280bn/-) package for the sector, with focus on four value chains through irrigation and logistics hubs.
The bank has made assurance of achieving a 10 per cent annual growth rate in the agricultural sector by 2030 compared to the current growth of around 3.6 per cent, as part of Tanzania’s ambitious agricultural transformation vision.
The African Development Bank Group has committed 10 billion US dollars over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world.
Africa was currently facing the challenges of climate change and food insecurity, as the Russia-Ukraine war had caused the price of fertilizers to shoot up and made their supply difficult.
Central bank governors and finance ministers are expected to develop financing arrangements to implement the food and agriculture delivery compacts, in conjunction with agriculture ministers, private sector players, commercial banks, financial institutions, and multilateral partners and organizations.