World Bank Group to invest US$5bn+ into Africa’s agriculture
In an announcement made by the World Bank Group, the organisation reports its plans to invest over US$5bn into Africa’s Drylands to improve agriculture productivity and promote livelihoods across 11 countries.
The investment plans were announced by David Malpass, World Bank Group’s President at the One Planet Summit which focuses on addressing climate change and biodiversity loss.
“This investment, which comes at a crucial time, will help improve livelihoods as countries recover from COVID-19 while also dealing with the impact of both biodiversity loss and climate change on their people and economies,” commented Malpass.
The financing provided by the World Bank Group will support agriculture, biodiversity, community development, food security, landscape restoration, job creation, resilient infrastructure, rural mobility, and access to renewable energy across 11 countries of the Sahel, Lake Chad and Horn of Africa.
Many of the World Bank Group’s efforts to be made will fall in line with the Great Green Wall Initiative, building on its investments in Africa over the last eight years, reaching over 19 million people.
“Restoring natural ecosystems in the drylands of Africa benefits both people and the planet,” added Moussa Faki Mahamat, Chairperson of the African Union Commission.
Working with its partners such as PROGREEN, a World Bank global fund will invest US$14mn in Burkina Faso, Chad, Niger, Mali, Mauritania, to address landscape degradation.
Did you know? In December 2020, World Bank Group announced new targets for 35% of its financing to have climate co-benefits - on average - over the next five years.