Lender Has $1 Billion Plan to Wean Africa Off Russian Wheat
- Tech can be scaled for African farmers to grow more wheat
- Lender is hosting investment forum to raise funding for deals
Wheat imports account for about 90% of Africa’s trade with Russia.
Source: Bloomberg
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A $1 billion plan to boost wheat production in Africa should be accelerated to avert potential food shortages arising from Russia’s invasion of Ukraine, according to the head of the continent’s biggest multilateral lender.
The African Development Bank is raising the funds to help 40 million African farmers utilize climate-resilient technologies and increase their output of heat-tolerant wheat varieties and other crops, Akinwumi Adesina, the lender’s president, said in an interview.