Denmark Contributes US $1.8 Million to Africa Agriculture Fast Track Fund
The Government of Denmark has announced a contribution DKK 10 million (approximately US $1.8 million) to the Agriculture Fast Track Fund to Spur Investment in the development of African agriculture infrastructure.
The announcement was made on Wednesday, August 28, 2013 in Copenhagen by Denmark’s Development Cooperation Minister, Christian Friis Bach, during the visit to the country by the President of the African Development Bank Group, Donald Kaberuka.
The Agriculture Fast Track Fund (AFT) is a US $26.8-million first-of-its-kind fund set up to spur greater private investment in agriculture infrastructure projects in Sub-Saharan Africa.
The Danish Government’s support complements contributions from Agricultural Fast Track founding donors including USAID, which has committed $15 million, and the Government of Sweden, which has pledged $10 million. The fund is managed by the African Development Bank.
The Agricultural Fast Track (AFT) provides grant funding for the initial project development costs of a broad range of agriculture infrastructure projects spanning the entire value chain – from production to market.The AFT is intervening in countries that are members of the New Alliance for Food Security and nutrition, which aims to strengthen the links from farmers to markets to tables. The New Alliance for Food Security and Nutrition was launched by President Obama at last year’s G8 summit and primarily includes six member countries: Burkina Faso, Côte d’Ivoire, Ethiopia, Ghana, Mozambique, and Tanzania. The New Alliance matches market-oriented regulatory reforms in these six countries with $3.7 billion in commitments from the private sector in agriculture.
During the visit, Kaberuka attended a dinner-discussion on the theme “Growth in Africa including Nigeria”, hosted by the country’s Trade and Investment Minister, Pia Olsen Dyhr; European Affairs Minister, Nick Hækkerup; and Thomas Bustrup, Director, Federation of Danish Industries.
He also held discussions with Minister Christian Friis Bach on topical issues including Africa’s development situation, African Development Fund replenishment, green and inclusive growth, gender equality, and fragile states.