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Arab bank increases African agric funding

By Vision Reporter

Added 4th November 2009 03:00 AM

KHARTOUM - The Arab Bank for Economic Development in Africa (BADEA) is to increase funding for agriculture projects to help governments stave off future food price crises and droughts, the bank’s director general said.

KHARTOUM - The Arab Bank for Economic Development in Africa (BADEA) is to increase funding for agriculture projects to help governments stave off future food price crises and droughts, the bank’s director general said.

KHARTOUM - The Arab Bank for Economic Development in Africa (BADEA) is to increase funding for agriculture projects to help governments stave off future food price crises and droughts, the bank’s director general said.

Abdelaziz Khelef told Reuters the bank would increase total commitments to $1b under a new 2010-2014 five-year plan, a $100m increase from the previous plan.

A quarter of that money would now go to agricultural and food security projects, up from less than 20% in the last five-year period, he added.

BADEA was set up by countries in the Arab League to make grants and soft loans to development projects in sub-Saharan Africa. Sudan and other North African League members do not benefit.

“Most African countries are facing a very difficult situation in terms of food security.

“And many African countries shifted their priorities towards food security,” Khelef said in an interview in the bank’s Khartoum headquarters yesterday.
“We go with the priorities of African countries. We try to really help them implement their plans.”

Khelef said the bank would be interested in supporting irrigation schemes and building rural food marketplaces.

Reuters

Arab bank increases African agric funding

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