Joy Agwunobi
L-R: Akinwumi Adesina, AfDB President and Ajay Banga, World Bank President at the just concluuded 2024 Norman E. Borlaug International Dialogue
The African Development Bank Group (AfDB) and the World Bank have reinforced their commitment to eradicating food insecurity in Africa, unveiling promising partnerships and financial mechanisms at the 2024 Norman E. Borlaug International Dialogue.
This year’s Borlaug Dialogue, hosted by the World Food Prize Foundation, brought together leaders and experts to strategise innovative approaches to end global hunger under the theme, “Seeds of Opportunity, Bridging Generations and Cultivating Diplomacy.” With a focus on collaboration, legacy, and hope, the event underscored the urgent need for unity in the fight against hunger.
At the opening plenary session titled “Achieving a Hunger-Free World,” Akinwumi Adesina, AfDB President and Ajay Banga, World Bank President emphasised the urgency for global action in combating hunger, an increasingly challenging goal due to conflict, economic pressures, and the relentless impacts of climate change.
Both leaders reaffirmed their institutions’ dedication to Africa’s food security, presenting collaborative frameworks and groundbreaking financial solutions designed to support agricultural resilience across the continent.
“There is nothing more important than feeding the world,” Adesina stated, noting that Multilateral Development Banks (MDBs) play a crucial role in this mission. He elaborated on the transformative potential of these institutions to address Africa’s substantial $1.3 trillion annual development needs.
By harnessing the power of financial instruments like the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs), Adesina explained that MDBs could leverage these resources to multiply available funds by up to eight times, vastly expanding capital for essential development initiatives. “That’s how you recycle capital to accomplish all that is needed,” he added.
Both Adesina and Banga highlighted the critical importance of engaging Africa’s youth in the agricultural sector. The AfDB’s “Enable Youth” program and the World Bank’s youth-focused employment initiatives reflect a concerted effort to tap into Africa’s youthful demographic and channel their energy toward agricultural and economic transformation.
According to Adesina, “If we don’t put finance behind young people’s ideas, that’s the biggest risk.”
The leaders pointed to the vast potential of Africa’s young population in driving agricultural innovation and economic growth, stressing that without dedicated support, this demographic dividend might be lost.
A key partnership discussed was the G20’s Global Alliance Against Hunger and Poverty, a collaborative initiative involving both the AfDB and World Bank. This alliance is designed to channel SDRs through MDBs to combat hunger across Africa, showcasing the power of strategic alliances in scaling impact.
Adesina cited the ambitious “Mission 300” project, a joint effort by the World Bank and AfDB to connect 300 million Africans to electricity by 2030, as an example of MDB-led cooperation.
On his part, Ajay Banga, World Bank President, praised Adesina’s leadership and reaffirmed his confidence in the joint initiative. “We have six years to get it done,” Banga stated, emphasising the urgency and scale of the project.
Addressing climate challenges, Banga pointed out a glaring disparity noting only 4 per cent of global climate financing is allocated to agriculture in Africa. He underscored the need for scalable, ecosystem-driven solutions to assist smallholder farmers in Africa.
“The focus must be on scale and ecosystems,” Banga noted, pointing to the World Bank’s efforts to build a comprehensive support network for farmers, enhancing access to energy, internet, and credit guarantees. This integrated approach aims to create sustainable pathways for African farmers to thrive despite climate-related challenges.
Furthermore, he noted that the World Bank aims to capitalise on Africa’s demographic dividend by incorporating job creation as a measurable outcome across its development projects. With a focus on six pillars, this strategy is designed to bolster Africa’s workforce and promote sustainable growth.
Mashal Husain, Chief Operating Officer for the World Food Prize Foundation said the theme for this year’s Borlaug dialogue pointed to a world of potential to achieve the goal of ending hunger worldwide.
“That seed represents hope, innovation and courage to dream. This week at the Borlaug Dialogue we are not just talking about the seeds of opportunity. We are planting them,” Husain said.
