The Canadian government has announced a $78 million contribution to a funding kitty of the African Development Bank (AfDB) to aid local food producers improve their yield.
The money, to be disbursed as concessional loans, will target small and medium enterprises involved in agribusiness especially those founded and run by women.
The money was announced this week as the Bank launched its Emergency Food Production Facility, a $1.5 billion project aimed at raising African yield of food production to 38 million tonnes by end of 2022.
The Bank said it will raise an initial $1.3 billion and partners will raise the rest to support up to 20 million farmers across the continent with soft loans worth of certified seed, fertiliser and technology necessary to improve yield.
Canadian minister of International Development, Harjit S Sajjan, announced the funding this week on his tour of East Africa where he met with local leaders.
The money will be disbursed as part of the Assistance Innovation Programme which the Canadian government uses to support private enterprises involved in Sustainable Development Goals such as fighting hunger or climate change.
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