The African Development Bank (AfDB) and the Islamic Development Bank (IsDB) have rolled out a new US$1 billion project that seeks to boost agricultural production along important crop and livestock value chains in Nigeria, Somalia and Uganda.
The two financial institutions will also collaborate to fund projects to prevent and mitigate climate change-induced droughts in the three countries.
In a statement released on November 21, the AfDB said the fund will boost agriculture value chains and enhance drought resilience in line with the objectives of its ‘Say No To Famine’ and ‘Alliance to End Famine in Africa’ poverty alleviation programmes.
“The combined active portfolio of both institutions in these sectors in Nigeria, Somalia and Uganda is worth US$1 billion, with several projects in the pipelines to expand their support. The investments are complemented by institutional capacity building to develop enabling environments for sustainable, green and inclusive growth.
“There is broad stakeholder agreement that collaborative and coordinated efforts are needed to swiftly deal with weather shocks that often have devastating consequences for the most vulnerable populations,” the AfDB said.
The projects are covered by a US$2 billion institutional partnership agreement, signed between AfDB President Dr Akinwumi Adesina and IsDB President Dr Bandar Hajjar in July this year.
In Nigeria, the AfDB will fund the growth and sustainability of the Plateau State Potato Value Chain Support Project, while the IsDB will fund the Agro-Pastoral Development Project in Kano State. The Kano project is aimed at improving household incomes through productive agro-pastoral activities.
In Somalia, the AfDB’s ‘Say No To Famine’ project will provide emergency food assistance support and build drought resilience mechanisms through restoring community ownership of assets such as land. The project will complement the IsDB’s ongoing Drylands Development Project.
In Uganda, the IsDB will run the Irrigation Development Project to help Ugandans realise the numerous business opportunities that exist in agriculture. The AfDB’s Agriculture Value Chain Development Programme will support Ugandan participation in the value chain from primary production to product manufacturing and marketing.
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