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AfDB Approves $1.13 Billion for Africa Farmers to Churn Out More

The African Development Bank headquarters, in Abidjan, Ivory Coast.

The African Development Bank headquarters, in Abidjan, Ivory Coast.

Photographer: Andrew Caballero-Reynolds/Bloomberg

The African Development Bank approved $1.13 billion funding for 24 African nations to mitigate rising food prices and inflation caused by Russia’s invasion of Ukraine, climate change and the coronavirus pandemic.

The funding will target 20 million small-holder African farmers, with a view to ending reliance on food imports from Russia and Ukraine, the lender said in an emailed statement. Farmers will receive certified seeds and improved access to fertilizers, while the funds will also support governance and policy reform to boost investment in Africa’s agriculture.