The recent concluded Africa-U.S Leaders Summit in Washington DC has seen New Alliance for Food Security and Nutrition devote more than $10 billion from private investors to accommodate more than 5 million small scale farmers in the original New Alliance and Grow Africa countries and United States Agency for International Development (USAID).
According to a press release by a local daily, the investment will see creation of 650,000 job opportunities and boost commitments from 39 new Africa –based companies and nine companies with international operations. Nearly half of the now over $10 billion in New Alliance investments represents commitments from African-based companies, which represent over two-thirds of companies participating in the New Alliance.
The statement adds “USAID has initiated a new model of development that is transforming agriculture and accelerating Africa’s impressive growth and potential. Encouraging skills, resources and expertise from the private sector to boost the market and at the same time eliminate poverty.”
The United States contributes to the New Alliance through Feed the Future, its global hunger and food security initiative. In the last year, Feed the Future has reached nearly 7 million small-holder farmers.
Since it was formed four years ago, Feed the Future and complementary efforts have attracted billions of dollars in investments focused in agriculture, introduced affordable new technologies aimed at increasing agricultural production and managing the risks of a changing climate, and introduced nutrient-packed foods to millions of mothers and children around the world.