AfDB hosts EGFAA meeting

May 20, 2010

The African Development Bank (AfDB) has hosted a meeting to discuss the formation of the Equity and Guarantee Fund for Agriculture and Agribusiness in Africa (EGFAA).

It took place on May 18th in Nigeria, with the aim of the discussion being to set up the $1.2 billion (€810 million) finance package. The money will be used to fund the African Agribusiness and Agro-industries Development Initiative, which was established in March 2010.

One of the key aims of the facility is to encourage the involvement of finance and expertise across African nations, in order to "support private sector investments in agribusiness and agro-industry", the bank said in a statement. Chief Operating Officer of the AfDB Nkosana Moyo stated securing Africa's food supply is a key priority, which can be achieved through the partnerships between development agencies and the private sector.

The AfDB is due to hold its annual general meetings in the Cote d'Ivoire later this month.