- AfDB is set to launch a US$650 million Rice Program
- The initiative aims to bolster food security
- The Bank has achieved significant milestones
The African Development Bank (AfDB) is set to launch a US$650 million Regional West Africa Rice Development program in collaboration with the Africa Rice Center.
The initiative aims to bolster food security in the region by increasing rice production and involving one million farmers across 15 countries.
AfDB President Dr. Akinwumi Adesina emphasized the program’s potential to transform West Africa into a self-sufficient rice producer within five years.
He cited the Bank’s successful Technologies for African Agricultural Transformation (TAAT) program, which helped Ethiopia achieve wheat self-sufficiency, as a testament to the Bank’s ability to drive agricultural transformation.
Addressing African Union heads of state in Accra, Adesina highlighted the AfDB’s recent capital increase to US$318 billion, which will enable the Bank to address the continent’s growing development needs.
He also announced successful collaborations with the Inter-American Development Bank and the International Monetary Fund to optimize the use of Special Drawing Rights for development purposes.
The Bank has achieved significant milestones, including launching a $750 million hybrid capital, expanding electricity access to 20 million people, and spearheading the $20 billion Desert to Power initiative. The AfDB has also been recognized as the most transparent development financial institution globally.
Ghanaian President Nana Addo-Dankwa Akufo-Addo called for accelerated efforts to achieve financial stability and economic integration in line with the African Union’s Agenda 2063. African Union Chairperson Mohamed Ould Ghazouani announced plans to raise $100 billion to support export-oriented businesses and emphasized the importance of coordination among African blocs.
The AfDB’s rice development program is a significant step towards enhancing food security and economic growth in West Africa.
