AGRF 2016 Highlight Commitments
$200M from the Kenyan GovernmentJoined by President Paul Kagame of Rwanda, Kenya’s President, His Excellency Uhuru Kenyatta, officially opened AGRF 2016 by laying out a bold vision for how agriculture transformation should play out in Kenya and across Africa. Committing himself to deliver on both the political and policy agenda, President Kenyatta announced his government will invest US $200 million so at least 150,000 young farmers and young agriculture entrepreneurs can gain access to markets, finance, and insurance.
US $24 billion from the African Development Bank (AfDB) over the next ten yearsa 400 percent increase over previous commitments, to help drive agricultural transformation in Africa. Remarks from AfDB President Akin Adesina noted that a “key pillar” of the AfDB work will be support for the Technologies for African Agricultural Transformation or TAAT program, which is scaling up various agriculture technologies for millions of farmers.
Bill & Melinda Gates Foundation to contribute at least US $5 billion to African development over the next five years.It is expected that will include at least US $1 billion for agriculture, based on expenditures in recent years. The agriculture investments will continue the Gates Foundation’s work to expand crop and livestock research, strengthen data for decision-making, and improve systems to deliver better tools, information and innovations to farmers.
US $180 million in additional commitments from The Rockefeller Foundation.The contribution includes US $50 million beyond the US $105 million already invested in AGRA and its partners over the last ten years. In addition, the Foundation is providing US $130 million for its Yieldwise initiative, work directed by AGRA and other partners that is deploying better storage, handling and processing capabilities to reduce the significant post-harvest losses on African farms due spoilage or pests.
US $350 million from Kenya Commercial Bank Group (KCB)to finance agriculture business opportunities that could reach some two million smallholder farmers, which is 5 percent of the bank’s overall lending portfolio. US $200 million will go toward improving market infrastructure and mobilizing farmers and US $150 million through the KCB Foundation to support livestock farmers. KCB will also work with the MasterCard Foundation, contributing US $30 million each year to helping smallholder farmers access credit and market information via mobile devices.
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