Denmark Contributes $1.8m to Africa Agric Fast Track Fund

Government of Denmark has announced a contribution $1.8 million to the Agriculture Fast Track Fund to Spur Investment in the development of African agriculture infrastructure.

The announcement was made recently in Copenhagen by Christian Friis Bach, Denmark’s Development Cooperation minister, during the visit to the country by Donald Kaberuka, president of the African Development Bank Group.

The Agriculture Fast Track Fund (AFT) is a $26.8-million first-of-its-kind fund set up to spur greater private investment in agriculture infrastructure projects in Sub-Saharan Africa.

The Danish Government’s support complements contributions from Agricultural Fast Track founding donors including USAID, which has committed $15 million, and the Government of Sweden, which has pledged $10 million. The fund is managed by the African Development Bank.

The Agricultural Fast Track (AFT) provides grant funding for the initial project development costs of a broad range of agriculture infrastructure projects spanning the entire value chain – from production to market.

The AFT is intervening in countries that are members of the New Alliance for Food Security and nutrition, which aims to strengthen the links from farmers to markets to tables.

The New Alliance for Food Security and Nutrition was launched by President Obama at last year’s G8 summit and primarily includes six member countries: Burkina Faso, Côte d’Ivoire, Ethiopia, Ghana, Mozambique, and Tanzania.

The New Alliance matches market-oriented regulatory reforms in these six countries with $3.7 billion in commitments from the private sector in agriculture.

During the visit, Kaberuka attended a dinner-discussion on the theme “Growth in Africa including Nigeria”, hosted by Pia Olsen Dyhr, the country’s Trade and Investment minister; Nick Hækkerup, European Affairs minister; and Thomas Bustrup, director, Federation of Danish Industries.

He also held discussions with Christian Friis Bach, minister on topical issues including Africa’s development situation, African Development Fund replenishment, green and inclusive growth, gender equality, and fragile states.