AfDB Group Commits US$ 1 Billion More to Tackle Food Crisis

As part of a short term initiative to alleviate the effects of the global food crisis on Africa the African Development Bank (AfDB) has decided to raise its agricultural portfolio by US$ 1 billion to US$ 4.8 Billion. The announcement was made in a press statement to the media by the Bank Group’s President, Donald Kaberuka, in which the bank also commits itself to provide a rapid disbursement facility to the tune of US$ 250 million in its agriculture portfolio. The Bank’s president urged the cereal exporting countries of the world not to suspend their exporting for the sake of at least 12 highly food crisis vulnerable countries in Africa. The Bank Group would consider additional measures for budget support to assist countries in difficulty, he said.

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