The African Development Bank (AfDB) has said it is seeking a $200 million fund from Germany and other members of G-7 countries to “urgently” address the food crisis in Africa.
The $1.5 billion African Emergency Food Production Plan, the bank’s centerpiece intervention to stop the impending food catastrophe in Africa, is to be funded, the bank claims.
In particular, the support was required to solve the global food crisis, which was partly brought on by Russia’s invasion of Ukraine, according to Akinwumi Adesina, President of the AfDB who presented the proposal during the G7 Ministerial Conference on “Uniting for Global Food Security.”
He said, “While the African Development Bank has mobilised $1.3 billion of the $1.5 billion needed for the African Emergency Food Production Plan, we have a financing gap of $200 million. I would, therefore, like to request that Germany and all G-7 countries help provide this balance of $200 million. “The funding gap is required urgently to facilitate the desire to make Africa a global solution to the food crisis,”
Meanwhile, Rwanda will host the new African Pharmaceutical Technology Foundation, a venture by the African Development Bank (AfDB) that is expected to boost the continent’s access to technology in manufacturing medicines and vaccines.
According to the AfDB, the foundation is essential for assisting African pharmaceutical companies in better identifying technologies and negotiating with multinational pharmaceutical companies to facilitate local production of the essential health products that account for up to $14 billion in annual revenue for Africa.
The project would “revamp Africa’s pharmaceutical industry, improve Africa’s vaccine manufacturing capability, and build Africa’s quality healthcare infrastructure,” according to AfDB President Dr. Akinwumi Adesina.
Currently, there are roughly 375 pharmaceutical companies on the continent, but they only produce less than 25% of the necessary medicines each year, necessitating the nations to import a significant amount to keep up with demand.
According to AfDB, the foundation will now support “direct implementation of the Trade-Related Intellectual Property Rights (Trips) on non-exclusive or exclusive licensing of proprietary technologies, know-how, and processes,” which should increase the pharmaceutical industry’s capacity for production.