AFDB to Allot $1.5Billion to Solve Food Crisis

African Development Bank Image

 

The African Development Bank (AFDB) announced plans to allot $1.5 billion to deal with the rising food crisis on the continent. The food crisis worsened considerably in recent times as a result of the Ukraine – Russia war.

 

The AFDB spoke to journalists

Acting Chief Economist and Vice President of the AFDB, Professor Kevin Urama, spoke to journalists during a virtual meeting. He was updating them on the forthcoming 5-day meeting, set to hold from 23rd to 27th May 2022 in Accra, Ghana. He said the $1.5 billion food plan was set aside to remedy the effects of the ongoing Russia-Ukraine war.

Urama says the fund will be used to support farmers with seeds and fertilizers in the next wet season.

AFDB’s Mission 1 for 200

‘Mission 1 for 200’ is the AFDB’s project which they hope will help countries build resilience through investments in infrastructure. The objective is to boost farm output to about 100 million tonnes of food to reach 200 million people.

The Vice President for Power, Energy, Climate, and Green Growth of the AFDB, Dr. Kevin Kariuki, spoke on the need to address the energy needs of the continent.

 

He said,

“We do understand that Africa needs to address its energy poverty and in order to look at energy poverty, we need to look at all non-coal sources of energy. Therefore, from where we stand, as long as a gas project has been included in a country, as part of Nationally Determined Contributions… then the bank will invest in those gas power plants,” he said.

 

The Theme of the AFDB Meeting

Achieving climate resilience, and a just energy transition for Africa,” is the theme of the upcoming five-day meeting. Secretary-General of the AFDB, Vincent Nmehielle, said the theme of the meeting was chosen as a guideline to help governors of banks interact and find ways to solve the continent’s climate and energy problems.

 

In other news,

The president of the AFDB, Akinwunmi Adesina, visited Nigeria’s President, Muhammadu Buhari. He shared with him the bank’s decision to earmark $1.5bn to help farmers increase production to help avert the imminent food crisis brought about by the ongoing war in Europe.

Author: Newstopz400

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