Denmark to give $1.8m to Africa Agriculture Fast Track Fund
The announcement was made in Copenhagen by Denmark's Development Cooperation Minister, Christian Friis Bach, during the visit to the country by the President of the African Development Bank Group, Donald Kaberuka.
The Agriculture Fast Track Fund (AFT) is a $26.8-million first-of-its-kind fund set up to spur greater private investment in agriculture infrastructure projects in Sub-Saharan Africa.
The Danish Government's support complements contributions from Agricultural Fast Track founding donors including USAID, which has committed $15 million, and the Government of Sweden, which has pledged $10 million. The fund is managed by the African Development Bank.
The Agricultural Fast Track (AFT) provides 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. The AFT is intervening in countries that are members of the New Alliance for Food Security and nutrition, which aims to strengthen the links from farmers to markets to tables.
The New Alliance for Food Security and Nutrition was launched by President Obama at last year's G8 summit and primarily includes six member countries: Burkina Faso, Côte d'Ivoire, Ethiopia, Ghana, Mozambique, and Tanzania. The New Alliance matches market-oriented regulatory reforms in these six countries with $3.7 billion in commitments from the private sector in agriculture. ■