The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
The Agriculture Fast Track Fund (“AFT”) builds on previous G8 and G20 commitments by supporting financially sound, environmentally sustainable, and socially beneficial food security projects. As a project preparation facility, the projects the AFT supports form a pipeline of bankable food security projects that support Africa’s agriculture transformation agenda. The AFT provides grant funds for project development costs such as feasibility studies, market research, financial modeling, business plan development, and environmental and social impact studies. The AFT increases the number of investment-ready agriculture infrastructure projects and public-private partnerships by defraying front-end project development costs and risks that commercial developers or other project sponsors are unable to shoulder alone. A modest amount of targeted donor funding can unlock hundreds of millions of dollars in concessional and commercial financing for agriculture infrastructure needs in rural Africa.
The AFT will provide 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. These can emanate from the private or public sector and from local or international businesses. The types of projects envisioned range from rural feeder roads to agro-processing and marketing facilities to out-grower schemes. The emphasis will be on projects that contribute to food security and support to smallholders.
Examples of the type of support the AFT could provide include but not limited to:
The AFT will initially operate in a small subset of countries (including Burkina Faso, Côte d’Ivoire, Ethiopia, Ghana, Mozambique, Tanzania – current members of the New Alliance for Food Security and Nutrition) that have entered into agreement with the G8 to refine their policies in order to improve investment opportunities and accelerate the implementation of their country‐led Comprehensive Africa Agriculture Development Programme (CAADP) plans on food security. After the initial pilot phase, the AFT will be extended to other countries that will have joined the New Alliance.