Sunday, July 21, 2024
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HomeNewsGlobal NewsCanada supports agri-SMEs in Africa

Canada supports agri-SMEs in Africa

KENYA / CANADA – Harjit S. Sajjan, minister of international development and minister responsible for the Pacific Economic Development Agency of Canada, announced that Canada has contributed $100 million to the African Development Bank (AfDB) to support the growth of small and medium-sized agri-food enterprises (agri-SMEs).

“We know that the best way to build up food security across the African continent is to work with African small and medium-sized agri-food businesses to help them expand and grow. The funding Canada is providing the African Development Bank will help increase food security across the continent while supporting inclusive and sustainable economic growth,” said minister Sajjan.

Rising global food insecurity calls for new investments in climate-smart, nature-based agricultural solutions.

Minister Sajjan emphasized the importance of investing in green agribusinesses, particularly those run by or benefitting women on the African continent. Agri-SMEs produce, process and transport 70 to 90 percent of the continent’s food, meaning they are major job creators and are key to strengthening African food security, and ensuring that we can support African driven inclusive and green growth.

The funding is provided through the government of Canada’s International Assistance Innovation Program, which helps accelerate private sector development that contributes to the United Nation’s Sustainable Development Goals.

“At a time when multiple crises are placing a heavy burden on the continent’s agricultural value chain, we applaud Canada’s continued support with the significant and timely contribution of 100 million dollars to support gender-oriented small and medium-sized agri-food enterprises prioritizing climate resilience. The AfDB will leverage its resources along with Canada’s contribution to greatly enhance our support to these agri-SMEs, which we recognize as a key economic backbone of economies across Africa and a priority for transforming the continent’s agriculture into a major driver of competitive, inclusive, and sustainable green growth,” said Dr Akinwumi Adesina, President of the African Development Bank Group.

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