Dr. Akinwumi A. Adesina, the President of the African Development Bank (AfDB), has expressed his unwavering optimism regarding Africa’s ability to feed an estimated population of 9 billion people by 2050.
However, he emphasizes that achieving this goal requires proactive measures, innovative approaches, and dedicated research to ensure food security not only in Africa but worldwide.
During his keynote address at the 8th Africa Agribusiness and Science Week (AASW8) in Durban, Dr. Adesina underscored the importance of collaborative action among stakeholders in the agribusiness and science sectors.
“As custodians of Africa’s agribusiness and science sectors, we bear a tremendous responsibility to transform this continent into a beacon of food security, economic prosperity, sustainability, and resilience for the rest of the world,” he stated.
Dr. Adesina also highlighted several initiatives undertaken by the AfDB, including the Agricultural Risk Insurance initiative and the Africa Disaster Risk Financing Programme (ADRiFi). Through ADRiFi, the AfDB has allocated $55 million to provide sovereign risk insurance for countries and smallholder farmers via the Africa Risk Capacity.
Receiving the FARA Leadership Award initiative in 2013, Dr. Adesina assured stakeholders that the African Development Bank is actively mobilizing $25 billion for the African Adaptation Acceleration Program in collaboration with the Global Center on Adaptation, aimed at supporting countries in climate adaptation efforts.
In 2022, the AfDB surpassed its climate finance commitment by allocating 45% of its financing to climate-related projects, exceeding the pledged 40%.
“We committed to allocating 40% of our total finance to climate finance, and we have surpassed that by dedicating 45% of our financing to climate-related projects last year. Furthermore, the Bank allocated 67% of its total climate finance to climate adaptation, surpassing the 50:50 parity between climate adaptation and mitigation advocated by the UN Secretary-General,” he added.
