The International Fund for Agricultural Development (IFAD) announced on Monday the signing of a partnership with the European Investment Bank (EIB) to promote food security and climate-resilient agriculture in Africa.
The UN agency said in a statement that this cooperation program between IFAD and the EIB will benefit low and middle-income African countries, to strengthen the fight against food insecurity.
Under the new partnership, the EIB will provide €350 million to help IFAD strengthen the capacity of smallholder farmers to cope with climate shocks and climate change.
In a statement, IFAD President Alvaro Lario said that by joining forces between the two agencies, it is possible to eradicate hunger and poverty.
Thus, for Mr. Lario, supporting African farmers is essential to stabilize global food supply chains and accelerate economic recovery on the continent.
For his part, EIB Vice-President Ambroise Fayolle noted that the partnership will enable the two organizations to mobilize targeted funding and share knowledge to strengthen food and nutrition security in Africa.
targeted funding and share knowledge to strengthen food and nutrition security in Africa.