As reported by Sophie Edwards – Devex contributing reporter, The African Development Bank will revamp the fund as part of its broader mission to triple fertilizer use over the next decade aiming to “feed Africa” and transform the continent’s agriculture.
The reform plan, dubbed the Africa Fertilizer Financing Mechanism 2.0, aims to attract billions in new financing and streamline operations. The Fertilizer Financing Mechanism, a cash-strapped fund designed to boost agricultural productivity across the continent, is getting a much-needed refresh with an ambitious $2 billion fundraising goal. The same fund was conceived in 2006, unfortunately didn’t become operational until 2018 and currently has just $ 36.5 million.
Marie Claire Kalihangabo – fund coordinator said: ‘reaching this target will be challenging; especially in field of raising awareness about the importance of fertilizer use to improve agricultural yields in Africa. Moreover, in translating the message that “Africa Fertilizer Financing Mechanism’s mission — not only to help feed Africa, but also to position the continent toward becoming a breadbasket to the world.”
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