Favour Okpale Abuja, Nigeria – November 5, 2024:
In a move to strengthen Africa’s agricultural sector, Afreximbank, the African Continental Free Trade Area (AfCFTA) Secretariat, and the World Food Programme (WFP) have signed a three-year Memorandum of Understanding (MoU) to support African farmers, agro-processors, and commodity traders with a minimum of $2 billion in financing by 2025.
Benedict Oramah, president/chairman of the Afreximbank board, announced this during the Farm, Food and Allied Technologies (FARMATECH) Expo 2024 in Abuja. According to him, the initiative aligns with AfCFTA’s objectives to bolster intra-regional trade and enhance food security across the continent.
This partnership, aligns with the CAAPs’ goals to promote agricultural productivity, enhance intra-regional trade, and support sustainable economic growth across Africa.
These initiatives aim to strengthen agricultural productivity and value addition, reducing Africa’s dependence on unprocessed commodity exports and enhancing its global competitiveness.
Afreximbank’s commitment to aligning with AfCFTA’s goals for intra-regional trade parallels CAAPs’ goal of creating efficient, interconnected agro-industrial zones that facilitate trade within Africa.
CAAPs prioritize capacity-building within agro-industrial parks, offering farmers and local entrepreneurs the tools, knowledge, and financial support needed to scale up their businesses and generate economic value. This is adequately addressed in the MoU.
Source and full report: businessday.ng
ABOUT The CAAPs
The Common African Agro-Parks Programme (CAAPs) was initiated in 2019 as one of the concrete initiatives of the Comprehensive African Agricultural Programme (CAADP) to be implemented within the framework of the African Union (AU) Agenda 2063 in order to achieve the CAADP Malabo commitments, particularly the commitment to “triple intra-African trade in agricultural commodities and services.”
For more information, kindly visit www.faraafrica.org/caaps, join the #CAAPs Community of Practice via https://faraafrica.community/caaps/join or contact #CAAPs Coordinator Anselme Vodounhessi [email protected]
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