AfDB to Host First African Fertilizer Financing Mechanism Governing Council Meeting
“AFFM will support activities that will contribute to increasing fertilizer use in Africa from 8 to 50 kg/ha by 2015,” the Abuja Declaration.
The African Development Bank (AfDB) Group on Tuesday, November 3, 2009, in Tunis will host the first African Fertilizer Financing Mechanism (AFFM) Governing Council meeting. The AfDB will use the occasion to brief the members of the governing council on the implementation status of the African Fertilizer Financing Mechanism.
AFFM is an initiative that resulted from the June 2006 Abuja African Fertilizer Summit. The Abuja Declaration called for an increase in the use of fertilizer from the current average of 8 kilograms per hectare to an average of at least 50 kilograms per hectare by 2015. The AfDB was given the mandate to establish and host the AFFM with the collaboration of the United Nations Economic Commission for Africa (UNECA) and the African Union Commission (AUC).
The AfDB Board of Governors approved AFFM’s establishment on March 15, 2008. The AFFM’s overall objective is to create a catalytic environment for investments needed on the continent to enhance fertilizer production and consumption at affordable prices. The AFFM focuses on two types of activities, namely, facilitating and encouraging the private sector to invest in fertilizer ventures aimed at expanding national and regional production capacity.
AFFM’s governing structure is its governing council as provided for by the legal framework. The governing council’s membership comprises donor and stakeholder representatives, including representatives of African ministers of agriculture, regional and international agriculture development institutions and fertilizer development institutions. The current membership reflects regional and geographical groupings.
The specific objective of this meeting is to review and endorse implementation documents that have been prepared under the facility to guide the fund’s operation and the management of the projects under the initiative.
The AFFM is in line with the Bank’s medium-term strategy, as well as its growing agenda to strengthen strategic partnerships based on institutional comparative advantages, all in a bid to address agricultural and food security problems on the continent.