AfDB commits to agribusiness
THEfirst partnership meeting for the African Development Bank’s Special Agro-Industrial Processing Zones (SAPZ) initiative was held yesterday.
The participants of the meeting, which included financial institutions and developers of special economic zones, committed to collaborating in driving Africa’s economic transformation through the acceleration of the development of SAPZs in Africa.
“The stakes are extremely high: during this week of the United Nations Food Systems Summit, we stakeholders in Africa’s growth and development need to form a common vision on a road map towards agro-industrialization on the continent,” Dr Beth Dunford, African
Development Bank (AfDB) vice president for agriculture, human and social development, in a statement.
The meeting participators, which also included key players in the African agribusiness segment, agreed that agro-industrialisation has the capability of creating job opportunities, increasing productivity in the agricultural sector, creating more wealth and improving people’s quality of life in Africa.
This is not the first time the importance of agribusiness in Africa has come up. In July last year, Roux Wildenboer of Absa highlighted how Africa’s agricultural sector could emerge from the Covid-19 pandemic in a strong position, if certain challenges can be overcome.
Furthermore, in December last year, a World Bank programme was launched, committed to providing USD 60 million to help Africa’s ag
Dunford stated: “At the AfDB, we believe that turnkey projects, such as special agro-industrial processing zones, are crucial to development. They bring together the ecosystem in regional value chains and key commodities, bringing together production, post-harvest, logistics, and processing to feed Africa’s growing cities and export to the world in a sustainable, green, and affordable way.”
ricultural sector cope with climate change.
These commitments and discussions are key as “the value of the agribusiness sector is expected to reach USD 1 trillion by 2030” explained Ahmed Bennis, Secretary-General at the Africa Economic Zones Organisation.
Bennis added: “Those of us working in the economic zones sector will work closely with the African Development Bank initiative on this huge opportunity.”
SAPZs are useful for focusing on agricultural business processing activities in areas which have high agricultural potential.
Dunford stated: “At the AfDB, we believe that turnkey projects, such as special agro-industrial processing zones, are crucial to development. They bring together the ecosystem in regional value chains and key commodities, bringing together production, post-harvest, logistics, and processing to feed Africa’s growing cities and export to the world in a sustainable, green, and affordable way.”
Participants in the meeting included African Export-Import Bank, Industrial Development Corporation, Africa Finance Corporation, Trade and Development Bank, OPEC Fund for International Development, Africa 50, West African Development Bank, Arab Bank for Economic Development in Africa, Islamic Development Bank, and International Fund for Agricultural Development. - ICLG