The multilateral African Development Bank (AfDB) and the UN’s International Fund for Agricultural Development (IFAD) recently announced an initiative to scale up food production in Africa. The program, named Mission 1 for 200 (M1-200), aims “to reduce Africa’s food import dependency, and build sustainable, inclusive and climate-adapted food systems.” The mechanisms are to include: (1) increasing investment in small and medium-sized enterprises (SMEs) in the agriculture sector; and (2) providing advisory services on building climate resilient infrastructure and harnessing technology to mitigate the sector’s environmental impact.
Founded in 1964, the AfDB Group provides loans and grants to governments and private companies in Africa. It consists of three entities, AfDB, the African Development Fund and the Nigerian Trust Fund. Owned and funded by its member governments, the AfDB has a mandate to reduce poverty and promote sustainable development. As of December 2021, it reported assets of XUA 36 billion (USD 27 billion), having disbursed loans totaling XUA 1.6 billion (USD 1.25 billion) during the year.
Established in 1977, IFAD is governed by its 176 member nations with the goal of eradicating rural poverty in low- and middle-income countries. With a focus on agriculture and food supplies, the organization provides grants and loans to research organizations, governments, private firms and civil society organizations. As of June 2022, IFAD had an investment portfolio valued at USD 1.8 billion.
By Vaughn Rajah, Research Associate
Sources and Additional Resources
IFAD press release
https://www.ifad.org/en/web/latest/-/ifad-and-african-development-bank-are-on-a-mission-to-boost-agricultural-productivity-in-africa
AfDB press release
https://www.afdb.org/en/news-and-events/press-releases/mission-1-200-double-african-farmers-production-58549
AfDB homepage
https://www.afdb.org
AfBD financials
https://www.afdb.org/en/documents-publications/annual-report
IFAD homepage
https://www.ifad.org
IFAD financials
https://www.ifad.org/en/financial-documents
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