“It is $120 million in total. It’s in three ways of funding of $40 million each time. The current span of the project is between 2018 and 2021, so it’s about four years for the seed money for investment.
AfDB to provide $120m for Agricultural transformation in Africa

It is expected that 40, 000 farmers in Africa will benefit from the Technology for African Agricultural Transformation (TAAT) project, initiated by The African Development Bank (AfDB), Krishan Bheenick has said.

Bheenick, the TAAT Coordinator, also stated that the seed fund will be in tranches of $40, 000 which will span for a period four years.

“It is $120 million in total. It’s in three ways of funding of $40 million each time. The current span of the project is between 2018 and 2021, so it’s about four years for the seed money for investment.

The bank itself is, first of all, expecting the countries to invest money either they get it through a grant or loan and also other donors and international agencies can join the programme.”

He further raised concern that attentions are drawn to the fund, but governments should focus on the impact it would make to grassroots farmers, which should propel African leaders to key into the initiative; while AfDB mobilises the $800 million to implement the project across the three years of execution.

“One other figure that has been mentioned is that across the continent, we are expected to reach 40 million farmers. Concerning the fund, we are trying to mobilise for the implementation of the project is around $800 million.

But the issue is that it is not so much how much money but how effective because if we can convince the countries that these are worth investing in, that’s when they will invest. The communities also need to invest their own time, efforts regarding mobilisation.”

Nigeria, amongst the list, has seven major agricultural commodities listed to benefit in the intervention.

Source: Daily Times

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