The International Finance Corporation (IFC) and Morocco’s Office Cherifien des Phosphates (OCP) Group inaugurated a $800 million agricultural financing platform to boost food security in Africa.
This collaborative initiative aims to channel funds into companies that are pivotal in the production and distribution of crops and foods across the African continent.
According to a statement released on Wednesday, the OCP Group and the IFC plan to amalgamate this financing by the year 2030.
The announcement, made on the sidelines of the International Monetary Fund and World Bank meetings in Marrakech, underscored that the strategy is devised with a vision to amplify Africa’s food security and taper its dependency on imports.
The Horn of Africa is currently grappling with its worst drought spell in decades, a situation that has precipitated escalating food security issues throughout the continent, exacerbated by inflation.
The newly unveiled financing will encompass loans or equity financing for farmers and companies, in addition to providing skill-building training, although further details remain undisclosed.
Not only does this plan intend to mitigate the current food security issues, but it also embodies a forward-looking approach aimed at fortifying the continent against future challenges in the agricultural sector.
The involvement of key players like the IFC and OCP Group adds significant weight and credibility to the initiative, potentially drawing further international attention and support.
Last month, Mariam bint Mohammed Almheiri, the UAE Minister of Climate Change, urged African leaders to support global food system transformation.
Speaking at the Africa Food Systems Forum (AGRF), Almheiri said: “This has been a pivotal and historic week for the African continent.”
“Just a few days ago, the Nairobi Declaration was endorsed in addition to billions of dollars in commitments to enable African countries to achieve inclusive green growth in the face of climate change.”
She highlighted the importance of the COP28 Food Systems and Agriculture Agenda – which she launched at the UN Food Systems Summit +2 Stocktaking Moment in Rome in July.
She also called upon African nations to signal their commitment to working towards adaptation and mitigation across food systems by signing the Leaders Declaration on Food Systems, Agriculture, and Climate Action.
