By Mohammed Kandi, with agency report
The New Alliance for Food Security and Nutrition now has commitments from private investors totaling more than $10 billion, U.S. and African officials announced at a recent U.S.-Africa leaders’ summit in Washington.
In a press release by the U.S. Agency for International Development (USAID), it said, “These new investments are expected to create about 650,000 jobs and reach over 5 million small-holder farmers in initial New Alliance and Grow Africa countries.”
“This increase includes commitments from 39 new Africa-based companies and nine companies with international operations. Nearly half of the now over $10 billion in New Alliance investments represents commitments from African-based companies, which represent over two-thirds of companies participating in the New Alliance.”
“Africa is on the rise,” said USAID Administrator Rajiv Shah. “Under the leadership of President Obama, we have pioneered a new model of development that is transforming agriculture and accelerating Africa’s impressive growth and potential. By harnessing the skills, resources
and expertise of the private sector, we can build on our investments to power the markets of the future and lift millions of people out of extreme poverty.”
Launched at the 2012 G8 Summit at Camp David with President Obama, African heads of state, private sector representatives and others, the New Alliance represents a shared commitment to partner more closely with the private sector to accelerate sustained, inclusive agricultu ral growth that can reduce poverty.
The New Alliance supports the Comprehensive Africa Agriculture Development Programme (CAADP) and contributes to the goals of the recent Malabo Declaration to end hunger and halve poverty in Africa by 2025. The U.S. and other G7 nations support African governments and business leaders in charting this path.