RT
@IFADPresident: Today at the
@FT Africa Summit in London, I made the case for investing in Africa's rural economies in a conversation with
@Sabrinadhowre, IFAD Goodwill Ambassador, moderated by Andrew Hill. Farmers and rural entrepreneurs are building businesses that drive productivity, create jobs and strengthen food supply chains. Access to long-term capital is essential to realizing that potential.
Africa's small and medium-sized agribusinesses face a financing gap of around US$65 billion a year. As an international financial institution,
@IFAD works with governments to strengthen the infrastructure, institutions and markets that make rural investment viable. We also use concessional finance to share risks and mobilize capital for businesses and producers underserved by commercial lenders.
These priorities also guided my bilateral discussions with UK
Development Minister
@kirstyjmcneill and
@NickDyerFCDO of
@FCDOGovUK. We discussed how to advance shared objectives on food security, rural jobs and private investment, alongside cooperation through the
#G20 and
#G7 agendas to address the debt crisis and reform MDBs so they can deliver more financing but also achieve more depth and impact with coordinated action. IFAD can support the creation of the conditions that will make investments more impactful in rural areas.
The economic benefits of investing in the first mile extend beyond the farm. Investment in processing, storage and distribution helps businesses reduce losses, reach buyers and retain more value locally. It creates jobs and strengthens the supply chains on which domestic and international markets depend.
African leaders ambition to drive rural economic growth becomes visible in their strong commitment and pledges to
#IFAD14. Their contributions strengthen IFAD's capital base, enabling us to borrow and mobilize additional to invest in long-term growth, food security and economic stability.
#FinancingTheFirstMile |
#FTAfrica |
@ftlive