During its annual meeting, the World Bank announced a $14 billion double financial package, designed to revolutionize African agriculture. It’s projected to double its annual agribusiness investments to reach $9 billion by 2030, with an ambitious plan to mobilize an additional $5 billion from other sources.
The plan aims to empower smallholder farmers, recognizing that 500 million smallholders worldwide produce 80% of the world’s food, yet many remain trapped in poverty.
Additionally, the massive investment targets Africa’s immense untapped potential through creating job creation for the youth. Employment sources include exploiting Africa’s rich resources, also accelerating sustainable development.
According to World Bank President Ajay Banga, the continent holds 60% of the world’s uncultivated arable land, a strategic asset that could position Africa as a global food hub.
Therefore, strategy will focus on three critical pillars:
- Enhancing Access: Prioritizing finance, modern technology, and market connections for smallholders.
- Policy & Infrastructure: Supporting essential reforms in land rights and investing in rural infrastructure like irrigation and storage.
- Building Resilience: Integrating climate-adaptive practices from the start, including heat-tolerant seeds and efficient water management.
By connecting them to structured value chains and leveraging digital tools, the initiative seeks to ensure farmers capture more value and build economic resilience. As a result, we’ll turn agriculture into a true engine of inclusive growth for African nations.
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