#Africa: AFDB to Invest $24bn in Agric Sector

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Committed to turning agriculture into a business across Africa and ensuring that the continent feeds itself within the next 10 years, Dr Akinwumi Adesina, the President of the African Development Bank (AFDB) has announced that the development bank will invest $24 billion in agriculture in Africa over the next 10 years.

Along with the announcement which was made at the recent 50th-anniversary celebration of the International Institute of Tropical Agriculture (IITA) in Ibadan, Adesina said that AFDB has decided to work with IITA to help drive Africa’s agricultural sector transformation and unlock its full potentials.

The main thrust of the project is to grant millions of farmers access to technologies; one of such technologies is the African Agricultural Transformation (TAAT), which the bank has developed in collaboration with IITA and other centres as a technology platform to fast-track a green revolution in the continent.

The AFDB and the World Bank expect to invest up to $800 million in TAAT which will be launched this year, 2017.

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