By Thoboloko Ntšonyane
MASERU – In a view to improve agricultural productivity and offset food insecurity, the African Development Bank (AfDB) has set aside to the tune of $1.5 billion (M23.4 billion) to help African farmers to improve production.
This the Bank has said in a press release issued on May 23.
“The African Development Bank Group’s Board of Directors has approved a $1.5 billion Emergency Food Production Facility to help tackle the global food crisis sparked by the Russia-Ukraine conflict,” reads the Bank’s statement.
The Food and Agriculture Organization (FAO) Director-General Qu Dongyu has last month warned that: “The war in Ukraine will impact consumers across the world as the resulting increases in the prices of food, energy and fertilizers put the next global harvest at risk.”
AfDB is mandated to ignite sustainable economic development and social progress to the regional member countries (RMCs) through mobilization and allocation of resources for investments.
This funding is expected to help 20 million African farmers to produce an extra 38 million metric tons of food to avert fears of starvation and food insecurity on the continent, the Bank has said.
Recently, the Central Bank of Lesotho (CBL) has warned that the food prices are expected to soar owing to recent floods and ravaging war between Russia and Ukraine
“The emergency food production package comes as the African Development Bank gathers in the Ghanaian capital of Accra for its 2022 Annual Meetings this week. Delegates will take stock of the Bank’s projects, which have impacted the lives of 335 million Africans in the last five years, while looking ahead to new challenges and opportunities.
“Overcoming Africa’s challenges includes building back from COVID-19,” reads the AfDB statement in pertinent part.
The Bank boasts about 81 stakeholder countries that support its work. Lesotho is one of its RMC.