The African Development Bank, AfDB, says it has approved a 70 million dollar loan for a road project in Ebonyi. The bank said on its website on Friday that it would provide $40 million, while its co-financier, the Africa Growing Together Fund (AGTF), would contribute $30 million for the project.

The African Development Bank (AfDB) says African countries import nearly 50 billion dollars net of food annually.

A statement by AfDB’s Communication and External Relations Department, said the bank’s Vice President for Agriculture, Human, and Social Development, Jennifer Blanke, said this at a panel discussion at the 7th Tokyo International Conference in Japan.

Newsmen report that the conference, which began on Aug. 28 in Tokyo, ended on Aug. 30.

The theme of the conference was: “Advancing Africa’s Development through People, Technology, and Innovation.’’

Blanke explained that it was unfortunate that in spite of the fact that the continent was holding 60 per cent of the world’s arable land, it still imports food.

She said by investing in Africa’s food markets, governments could win the fight against stunting and improve nutrition across the continent.

Blanke said that with support from institutions like the AfDB, the results would be a win-win situation for all.

“There is a business case for governments to invest in grey matter, or brainpower, and this requires much more nutritious diets.

“With most people in Africa getting their food from local markets, business opportunities for healthy foods abound everywhere in the food system and potential investors are urged to engage and explore,” she said.

Blanke, however, added that women in agriculture are an overlooked stakeholder group, saying that in most parts of Africa, most farmers are women.

She disclosed that the bank’s Affirmative Finance Action for Women in Africa initiative known as AFAWA, sought to support women entrepreneurs in Africa.

According to her, through AFAWA the AfDB aimed to raise at least 300 million dollars for a guarantee facility that will spur lending to African women entrepreneurs.

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