News in Brief:
– ECOWAS and the AfDB have signed a $12 million grant agreement to fund the REWARD project, aimed at strengthening the rice value chain.
– This initiative aims to achieve rice self-sufficiency across West Africa and is part of a larger $650 million program.
The Economic Community of West African States (ECOWAS) Commission and the African Development Bank (AfDB) have formalised a $12 million grant agreement aimed at strengthening the rice value chain across West Africa.
The agreement will fund the Rice Resilient Value Chains Development Project (REWARD), a critical initiative designed to enhance food security in the region. This project seeks to stimulate public and private investments in rice value chains by promoting successful business models.
It is a vital part of a broader $650 million multinational rice development programme funded by the AfDB, encompassing all 15 ECOWAS member states and focused on rice self-sufficiency.
In his remarks, Dr. Touray expressed his appreciation to the AfDB for the grant and pledged the union’s commitment to ensuring the swift and effective implementation of the REWARD project.
For his part, Dr. Kamara reiterated the AfDB’s dedication to supporting ECOWAS in bolstering food security and resilience. This aligns with the goals of ECOWAS Vision 2020.
Rice production is key to West African food security and economic stability
Boosting rice production in West Africa is critical due to the region’s high reliance on rice as a staple food.
A significant increase in local production reduces dependence on imports, stabilises food prices, and enhances food security, especially in vulnerable communities.
Historically, the AfDB has a record of supporting agricultural development in Africa, and this agreement builds on previous collaborations with ECOWAS and other regional bodies.
For instance, the AfDB has been instrumental in financing various agricultural programmes across the continent, focusing on improving value chains, enhancing productivity, and promoting sustainable farming practices.
The Bank has supported initiatives aimed at boosting rice production in countries like Nigeria, Senegal, and Mali, often through similar grant and loan agreements. These are all aimed at improving agricultural infrastructure and providing technical assistance.
Invariably, these types of agreements are common between the AfDB and regional organisations, as they allow for coordinated efforts to tackle common challenges like food security.
