Investment commitments by partner companies of Grow Africa – a programme established by the World Economic Forum, NEPAD, and the African Union to accelerate the transformation of African agriculture – doubled to $7.2 billion in 2013.
The increase in committed funding is captured in the Grow Africa Annual report released Friday.
Of the $7.2 billion in new commitments, Grow Africa partners have already invested $970 million. This has directly led to the creation of 33,000 new jobs and the assistance of 2.6 million smallholder farmers throughout the continent.
Grow Africa measures both these metrics in order to ensure that investment contributes to both economic growth and food security. The assistance it provides to smallholders includes provision of new services, sourcing, contracts or training.
According to the report, most investment to date has been made by companies from within Africa. Half of all invested funds to date have been directed to Nigeria. This reflects the size of the country’s economy, but also renewed political commitment in the country to agriculture that has made it attractive for domestic and international investors. READ MORE
Source: www.businessdayonline.com
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