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Sunday, July 6, 2014

AfDB canvasses private funding of Africa’s agro-industrial sector

AfDB canvasses private funding of Africa’s agro-industrial sector

THE African Development Bank (AfDB) has advocated private investment in Africa’s agro-industrial sector to promote sustainable agricultural development in the region, NaijaAgronet authoritatively gathered.

AfDB’s Regional Director for West Africa, Mr Janvier Liste, who made the call in Abidjan recently, said this in his address during the signing of funding agreement between the fund for the Acceleration of Agricultural Development (FADA) and the Ivorian Society of Animal Production (SIPRA).

The News Agency of Nigeria (NAN) in Abidjan reports that the agreement is to provide funding to enable SIPRA carry out studies for poultry construction and animal feeds production in Côte d'Ivoire.

``This will guarantee a shift of agriculture from peasant to a more modern, competitive and market-related one.Private investors must necessarily be part of this move by massively investing in the agro-industrial sector to boost the transformation of agriculture in the continent,’’ Liste said.

Also speaking, SIPRA’s Representative, Mr Sylvain Gotta, said the project to be sponsored by the grant would create direct jobs for thousands of youths.

``The project is part of SIPRA’s investment programme; it is designed to construct livestock farms and feed mills to meet the Ivorian market. It will create direct jobs for the people, it will provide additional outlet for cereals, it will also allow farmers to be more competitive,’’ he said.

Chukwudi Obi

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