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World Bank promises to invest over $5 billion to restore landscapes, improve agriculture in Africa-The Panagora Blog
World
Bank promises to invest over $5 billion to restore landscapes, improve
agriculture in Africa
The World Bank has revealed plans to invest over $5 billion over the next five years to improve agriculture productivity.
The World Bank has
revealed plans to invest over $5 billion in the next five years to help restore
degraded landscapes, improve agriculture productivity, and promote livelihoods.
This was revealed by the President of the World Bank Group, David
Malpass, today, at the One Planet Summit, a high-level
meeting co-hosted with France and the United Nations.
During
the Summit which focused on addressing climate change and biodiversity loss in
the continent of Africa, the President of World Bank said the Group is set to
invest over $5 billion over the next five years.
He
explained that the investment which comes at a very crucial time will help to
restore degraded landscapes, improve agriculture productivity, and promote
livelihoods as countries recover from COVID-19.
In
his words, he said:
·
“This investment, which comes at a crucial time, will help
improve livelihoods as countries recover from COVID-19 while also dealing with
the impact of both biodiversity loss and climate change on their people and
economies.”
Commenting on this development was Moussa Faki Mahamat, Chairperson of the
African Union Commission. She said:
·
“Restoring natural ecosystems in the drylands of Africa
benefits both people and the planet.”
About the investment
·
The
$5 billion financing will be targeted towards supporting agriculture, restoring
biodiversity, and enhancing community development, food security, landscape
restoration, job creation, resilient infrastructure, rural mobility, and access
to renewable energy across 11 countries of the Sahel, Lake Chad and Horn of Africa.
·
Many
of these efforts are in line with the Great Green Wall initiative. This move
will build on World Bank’s landscape investments in Africa over the past eight
years, that reached more than 19 million people and placed 1.6 million hectares
under sustainable land management.
·
However,
a World Bank global fund, PROGREEN, dedicated to boosting countries’ efforts to
address landscape degradation, will also invest $14.5 million in five Sahelian
countries – Burkina Faso, Chad, Niger, Mali, Mauritania.
What you should know
·
The
World Bank Group is the biggest multilateral funder of climate investments in
developing countries. In December 2020, the World Bank Group announced an
ambitious new target for 35% of its financing to have climate co-benefits, on
average, over the next five years.
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