- Africa Development Bank (AfDB) has announced the launch of the Special Agro-Industrial Processing Zones Alliance (SAPZ).
- The project aims to mobilise at least $2 billion in financing and investment commitments from its members over the next five years.
- President of the African Development Bank, Femi Adesina, says the project is a significant step towards making Africa a player in the global food and agricultural value chains.
The Africa Development Bank (AfDB) has announced the launch of the Special Agro-Industrial Processing Zones Alliance (SAPZ), a groundbreaking project aimed at mobilizing at least $2 billion in financing and investment commitments from its members and partners over the next five years.
The Special Agro-Industrial Processing Zones Alliance was launched at the ongoing Africa Investment Forum by a group of founding partners, including Afreximbank, Arise Integrated Industrial Platforms, the United Nations Industrial Development Organization (UNIDO), and the Islamic Development Bank (ISDB).
This ambitious project, according to the President of the African Development Bank, Dr Akinwunmi Adesina, is a significant step towards making Africa a player in the global food and agricultural value chains.
"The size of Africa's food and agriculture market is expected to reach $1 trillion by 2030, with the new millionaires and billionaires coming from the food and agriculture industry rather than the oil and gas sector. It's time for Africa to fill airplanes and ships with processed and value-added foods and agricultural commodities for trade around the world," Dr. Adesina stated.
The Minister of State for Treasury, Republic of Rwanda, Richard Tusabe, who was also present at the launch of the initiative, believes that the SAPZ will give Africa a chance to produce the food it needs at scale while also producing high-quality goods.
"The SAPZ will play a critical role in achieving this goal by producing quality food at scale, not only to feed the African population but also to export around the world," he said.
The Africa Investment Forum, themed "Unlocking Africa's value chains", brings together over 1,500 participants from more than 80 countries, offering a unique opportunity to delve into the world of pan-African dealmaking.
The forum focuses on digital disruptors and transformation technology, providing a platform for insightful discussions about the diverse opportunities and challenges faced by the African economy.
Source of the article: Business Insider Africa