Let’s make Africa the breadbasket of the world – African Development Bank President

The President of the African Development Bank Group, Dr. Akinwumi Adesina, has announced plans to launch a $500 million facility aimed at unlocking $10 billion in financing for smallholder farmers and agribusiness enterprises across Africa.

Speaking at the High-Level Conference on Scaling Finance for Smallholder Farmers in Nairobi, Adesina emphasized the need for global action to bridge Africa’s $75 billion annual agricultural financing gap.

The proposed facility will use various financial instruments including trade credit guarantees, blended finance mechanisms, and technical assistance to reduce transaction costs and mitigate risks associated with lending to smallholder farmers.

Currently, only 6% of African smallholder farmers have access to credit, and bank lending to agriculture remains below 5% of total loan portfolios in many African nations.

Dr. Beth Dunford, AfDB’s Vice President for Agriculture, Human, and Social Development, stressed the urgency of addressing this financing gap, while PAFO President Ibrahima Coulibaly called for bold actions to create jobs and enhance food security.

Adesina, recently honored by Kenyan President William Ruto, urged global partners to support Africa’s agricultural transformation, declaring: “Let us make Africa the breadbasket of the world. And together, let us feed Africa with pride!”