Over 45 companies have committed to a multi-billion dollar investment in Africa's agricultural sector as part of the G8's New Alliance for Food and Nutrition Security initiative, US President Barack Obama announced.
US$3bn will be invested, as part of an initiative developed in collaboration with Grow Africa, an innovative partnership led by the World Economic Forum, the African Union and the New Partnership for Africa's Development (NEPAD), Allafrica.com reports.
Speaking at the Symposium on Global Agriculture and Food Security in Washington DC, President Obama said that African governments and donor countries, private sector players and non-governmental organisations, have agreed to align their donations in a "new global effort, bringing together all global players for a shared effort," he said, adding - "we will stay focused on clear goals, boosting farmers' income and helping 50 million people lift themselves out of poverty. We can unleash the change that reduces hunger and malnutrition. "
According to Allafrica.com, current commitments comprise a total of 63 Letters of Intent, with African businesses making up 21 of the signatories. More companies are looking to Africa for long-term investing. Josette Sheeran, Vice-Chairman of the World Economic Forum, said that the investments "offer further proof that today the handshake has replaced the handout as the principal partnership model for the region."
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