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Rome, 26 January 2023 – As food security for millions of Africans continues to be impacted by rising food and fuel prices further compounded by threats of a debt crisis in some countries, the African Development Bank (AfDB) and the UN’s International Fund for Agricultural Development (IFAD) are joining forces to address the structural problems hampering agricultural productivity in Africa through a new programme aimed at feeding Africa sustainably.
IFAD and AfDB signed a letter of intent today in support of the pan-African Mission 1 for 200 (M1-200) – a joint initiative created to reduce Africa’s food import dependency, and build sustainable, inclusive and climate-adapted food systems. New investment partners and much needed sources of funding for Africa are sought out under this new programme.
“The current convergence of crises has exposed the underlying structural issues affecting agriculture and food systems. Many countries in Africa need to find solutions now to avert more extreme consequences,” said IFAD President Alvaro Lario.
In Africa, high fertilizer prices continue to be a significant hurdle to food production in many low-income countries. In addition, food supplies are expected to be affected by limited grain imports due to the war in Ukraine, climate-related shocks and persistent drought conditions in some countries. Since 2020, there has been an 8.5 percent rise in the cost of a typical food consumption basket in Africa, according to International Monetary Fund data. Now, high interest rates coupled with currency depreciation are compounding debt in many low-income countries. About 60 per cent are at high risk or in debt distress, exposing countries to debt default in the midst of a historic food crisis.
M1-200 seeks to attract investments to boost small and medium enterprises in the agriculture sector. The initiative will ensure that small-scale food producers across the agriculture value chain are included and that additional…
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