Agribusiness in Africa
Agribusiness plays a vital role in economic development, contributing a major portion of GDP, employment, and foreign exchange earnings in many developing countries. This is particularly true in Africa, where agriculture accounts for 25 percent of the continent’s GDP, and 70 percent of employment.
In the last four years, the World Bank Group has increased its annual agriculture investment from $4.1 billion to $6.1 billion.
In fiscal year 2012, IFC investments across the agriculture value chain in Africa reached $550 million.
IFC is embarking on a five-year program to increase its investments n in agribusiness in Africa to $2 billion.
To address these challenges, IFC supports projects across the food supply chain, including processing, logistics, and distribution.The goal is to develop an efficient and competitive private agribusiness sector. Achieving this will have a strong impact on reducing poverty and improving lives, since most of Sub-Saharan Africa’s poor live in rural areas that depend on agriculture.
An Increasing Commitment
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