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Tuesday, July 14, 2015

EIB, FAO partnership to bolster private sector investment

The European Investment Bank (EIB) and Food and Agriculture Organization (FAO), are collaborating to broaden investment in agriculture, reports NaijaAgroNet.

The two institutions, NaijaAgroNetgathered, signed a five-year Memorandum of Understanding (MoU) that seeks to foster investment operations in the field of agriculture, private sector development and value chains that promote both EIB's priorities and FAO's strategic objectives outside the EU.

Speaking at the event, FAO Director-General José Graziano da Silva, said "This is a landmark opportunity for both of us to combine technical knowledge and financial capacity to engage private and public investors in eradicating hunger," noting that ensuring enough global food supply for a growing population and making agrifood systems more sustainable would require robust investments in developing countries.

According to EIB Vice-President, Pim van Ballekom, "Agriculture and agribusiness are key sectors for development impact, as they are and will remain central to lives, livelihoods and social stability. But they are also a primary base for local entrepreneurship, employment and growth in many countries around the world. If we can combine FAO's local experience and know-how with our investment capabilities and technical expertise to better channel much needed finance to benefit both food supply and entrepreneurship, then why should we not do that?"

NaijaAgroNet recalls that FAO and EIB have collaborated before, through information-sharing platforms like Eastagric, with the latest MoU intensifying their cooperation in the joint analysis, planning and execution of investment operations.

Cyriacus Nnaji/GEE

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