The African Development Bank (AfDB) has revealed that it is investing over $25 billion in Africa’s agriculture and agribusinesses in preparation for 2030, when the sector is expected to be worth over a trillion dollars.
According to a statement by the bank’s Communication and External Relations Department, the AfDB’s President, Akinwumi Adesina, made this disclosure at the Tokyo International Conference of African Development (TICAD) in Japan.
Adesina explained that AfDB has recorded a lot of progress in its drive to transform the agricultural sector in Africa to a business oriented and profit driven endeavour.
He said,“The AfDB inaugurated the Technologies for African Agricultural Transformation (TAAT) to help ramp up technologies to millions of farmers.
“TAAT connects the global agricultural research centres, national agricultural research centres, private sector and agricultural value chains in Africa in an unprecedented effort to connect the supply and demand side of technologies seamlessly.
“TAAT partners, who include the World Bank, AGRA, IFAD and the Bill and Melinda Gates Foundation have mobilized one billion dollars.
“Working with 30 private seed companies, the TAAT maize compact produced more than 27,000 tonnes of seeds of water efficient maize that was planted by 1.6 million farmers in just one year,” he added.