AfDB Welcomes G8 Initiative in The Continent

May 22, 2012 (allAfrica) -- The African Development Bank has welcomed a pledge by the Group of Eight (G8) leaders to promote investments in sustainable agriculture as a strategy of uplifting millions of Africans out of poverty.

This is a win-win proposition... a prosperous, growing Africa is good for the global economy."

"With so much for the G8 leaders to discuss," AfDB President Kaberuka said in a statement, "I commend President Obama for putting agriculture investment in Africa on the agenda."

Kaberuka capped a visit to Washington with a landmark meeting at the G8 Summit on Saturday.

Donald Kaberuka

The special session focused on agriculture policy in Africa, and in particular, a fresh initiative called the New Alliance for Food Security and Nutrition.

The meeting was hosted by U.S. President Barack Obama at Camp David near Washington, where this year's G8 Summit of the world's largest economies took place.

Participants included the G8 leaders, four African heads of state and executives from the private sector.

One of the main objectives of the new initiative is to encourage the private sector to invest more in the continent's agriculture sector.

President Obama announced that more than $3 billion has already been pledged in private sector investments. African and G8 governments will also commit funds to spur growth.

"This is a win-win proposition," said Kaberuka. "A prosperous, growing Africa is good for the global economy."

He added: "This is a collective endeavour involving governments, the private sector and public investment to spur economic growth on the continent.

The African Development Bank is ready to play its part by ensuring conditions such as reliable infrastructure are in place."

In a statement released on the eve of the Camp David meeting, the White House said that it would work with the people and leaders of Africa to "increase responsible domestic and foreign private investments in African agriculture, take innovations that can enhance agricultural productivity to scale, and reduce the risk borne by vulnerable economies and communities."

The White House statement welcomed the support of the African Development Bank and other development agencies.

In the last few days there has been an intense focus on ways to encourage greater innovation and private sector investment in the agriculture sector across Africa.

The New Alliance for Food Security and Nutrition was launched at a symposium in Washington on Friday, bringing hundreds of individuals and organisations together to discuss the way forward.

In a nod to the high-level support for the initiative, speakers at the symposium included President Obama, U.S. Secretary of State Hillary Clinton, the leaders of Benin, Ethiopia, Ghana and Tanzania, and AfDB president, Kaberuka.

They spoke about the opportunities that exist in Africa and the yields that greater agricultural output could bring, not just in the food sector.

"This is not only a moral imperative, but an economic and security imperative as well," said President Obama.

He added that the overall goal is to bring 50 million people out of poverty. This, he said, would improve lives, economies and security around the world.

Kaberuka told the audience that although African agriculture had underperformed for many years, that's beginning to change as many governments put market policies and conditions in place."

Through improved infrastructure, transportation and trade, Africa can make significant headway, he added.

The African Development Bank Group's mission is to help reduce poverty, improve living conditions for Africans and mobilise resources for the continent's economic and social development.

Current and future projects and priorities will be discussed at the organisation's Annual Meetings in Arusha, Tanzania due May 28 to June 1, under the theme "Africa and the Emerging Global Landscape: Challenges and Opportunities."