AfDB to Host 2nd Governing Council Meeting of Africa Fertilizer Financing Mechanism
The African Development Bank Group will, on March 6, 2013 in Tunis, host the 2nd governing council meeting of the Africa fertilizer financing mechanism (AFFM).
AFFM aims to create a catalytic environment for the investments needed in Africa to enhance fertilizer production and consumption at affordable prices. It focuses on two types of activities, namely facilitation and encouraging the private sector to invest in fertilizer ventures aimed at expanding national and regional production capacity.
The specific objective of the meeting is to agree on joint actions, which, if implemented, would lead to the operationalization of the AFFM. This also constitutes the main outcome of the event. A key value added of this meeting is that it envisages to operationalize a vital continental initiative, which, if achieved, could greatly complement the Bank’s efforts in supporting the continent’s agriculture development, fight hunger, promote rural employment and facilitate inclusive growth. The meeting will discuss a number of topics including the following:
- Follow up on the implementation of the outcomes of the first meeting;
- Resource mobilization; and
- AFFM partnership with similar agencies and initiatives.
At the June 2006 Fertilizer Summit, held in Abuja, Nigeria, African Union (AU) Heads of State through the Abuja Declaration called on the AfDB to leverage its experience and expertise in establishing AFFM to assist its Regional Member Countries (RMCs) to increase agricultural productivity in the context of the Africa Food Security Vision and the MDGs. The Abuja Declaration called for increasing the level of use of fertilizer from the current average of 8 kilograms per hectare to at least 50 kilograms per hectare by 2015.
The AfDB was also given the mandate to establish and host the AFFM in collaboration with the United Nations Economic Commission for Africa (UNECA) and the African Union Commission (AUC). The Bank’s Board of Governors approved the establishment of the AFFM in March 2008.
The AFFM is in conformity with the strategic objective of the Bank’s 2013-2022 Long Term Strategy of helping Africa achieve growth that is more inclusive, leading to deep reductions in poverty, as well as the aim of the Bank’s 2010-2014 Agriculture Sector Strategy for the period, which is contributing to agricultural productivity, food security and poverty reduction.
The meeting will be attended by about 30 RMC ministers, senior AUC, New Partnership for Africa’s Development (NEPAD), UNECA and African Export-Import Bank (Afreximbank) officials, representatives of farmers’ organizations, and management and staff of the Bank.