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AfDB to provide $853m financing for SAPZ – Akinwumi Adesina

AfDB to provide $853m financing for SAPZ – Akinwumi Adesina

The African Development Bank(AfDB) has provided financing of $853 million to support the establishment of SAPZ, Akinwumi Adesina has revealed at the Africa Investment Forum 2023 in the Palace Congress, Marrakech, Morocco.

Adesina said the bank has also mobilised over $661 million from other development partners to support the establishment of the Special Agro-Industrial Processing Zones Program (SAPZ).

According to the African Development Bank, the SAPZ program goal is to increase household incomes, foster job creation in rural agricultural communities, especially for youth and women, and enhance food and nutritional security in Nigeria.

“To expand SAPZs across African countries, and take advantage of the Africa Continental Free Trade Area, we must scale up resources, partnerships, and alliances,” Adesina said.

Read also: Nigeria, others to tap AfDB’s $20bn power projects across Sahel

He stated that the number of partners joining hands to rapidly scale up the SAPZs across Africa is expanding, including the private sector.

Adesina said: “Our valued partners include the Islamic Development Bank, the International Fund for Agricultural Development, the Arab Bank for Economic Development, the European Union, and the Korean Export-Import Bank.

“We are also working with the African Union to support the Common Africa Agro-Parks Program.

Read also: AfDB webinar: Experts urge Africa to rethink mgt of its natural resources

“Our collective effort has mobilized $1.5 billion in support of the establishment of 25 SAPZs in 11 African countries.”

Adesina said at the World Food Prize in Des Moines, Iowa, USA, two weeks ago, the president of Ethiopia and the vice president of Nigeria joined him for a session on the Special Agro-Industrial Processing Zones.

“The standing-room-only session on the SAPZs was the high point of the World Food Prize. Right in the heartland of U.S. agriculture, investors were excited about the investment opportunities in the SAPZs,” he said.