In a move to strengthen Africa’s agricultural sector, Afreximbank, the African Continental Free Trade Area, AfCFTA, and the World Food Programme, WFP, have signed a three-year Memorandum of Understanding to support African farmers, agro-processors, and commodity traders with a minimum of $2 billion in financing by 2025.
Benedict Oramah, the President and Chairman of the Afreximbank board, made the announcement during the Farm, Food and Allied Technologies Expo, FARMATECH 2024 in Abuja.
According to him, the initiative aligns with AfCFTA’s objectives to bolster intra-regional trade and enhance food security across the continent.
The bank’s president, who was represented by Eric Monchu Intong, the acting Group Managing Director of Client Relations, emphasised the crucial role agriculture plays in economic development, food sovereignty, and sustainable livelihoods in Africa.
According to the Food and Agriculture Organisation, global agricultural investments must be significantly increased to address the rising food demand. Currently, the trade finance gap in developing countries is estimated to be approximately $150 billion annually.
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