IsDB earmarks $7.8bn for agriculture, rural development in Africa
By Clement Adeyi
The Islamic Development Bank (IsDB) has disclosed plans to invest about $7.8 billion in agriculture and rural development in Africa for a five-year period running from 2023-2027.
The President of the bank, Dr. Mohammad Al Jasser, disclosed this after a meeting with the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, on the sidelines of IsDB’s ongoing 2023 Group Annual Meetings in Jeddah, Kingdom of Saudi Arabia.
During the meeting, both of them exchanged views on the strategies and means to jointly facilitate cooperation to battle global challenges.
The IsDB is planning to invest up to $7.8 billion in agriculture and rural development in Africa
Al Jasser, who lauded the cooperation between IsDB and AfDB, noted that both institutions had cumulatively co-financed projects worth over $8.3 billion in their 27 common member countries. Therefore, the group is considering more interventions for the region, especially in the areas of agriculture and rural development.
“The IsDB is planning to invest up to $7.8 billion in agriculture and rural development in Africa over the 5-year period 2023-2027 and that climate finance is set to represent 35% of IsDB’s annual commitments by 2025, with 65% of climate finance for adaptation.”
He stressed that the successive external shocks had compounded the fiscal constraints and increased debt levels in many countries, leading to the specter of another debt crisis in many African countries, especially Low-Income Countries (LICs).
Al Jasser stressed the importance of addressing the water-agriculture-energy nexus in the light of climate change, especially in the Sahel region, and the need to help African countries mitigate the impact of low-carbon and digital transitions to accelerate their development process.
He noted that the efforts were parts of IsDB’s commitment to promoting sustainable development and addressing the challenges facing its member countries, particularly in Africa.
Be added that cooperation with AfDB would continue to be an important part of the efforts.