ECOWAS To Launch Agriculture Investment Funds

ECOWAS To Launch Agriculture Investment Funds

ECOWAS member states have finalised arrangement to launch $900 million Agricultural Investment Funds for West Africa , aimed at boosting food production, agricultural investment and ensuring food security in the region.

Commissioner for Agriculture, Environment and Water Resources at the ECOWAS Commission, Ousseini Salifou, said this in Abuja , when he paid a visit to Nigeria 's Minister of Agriculture and Rural Development.

Salifou said the Council of Ministers of Agriculture recently approved that the launching of the funds takes place in Lome , Togo .

He explained that the Council of Ministers had given approval for the setting up of an agency that will be in charge of Agriculture and Food in the region, which would be established in 2011.

Salifou further said the ECOWAS commission had set aside $30 million this year to support the investment plan and that the total budget for the Regional Agricultural Investment plan is $900 million, which spans five years period.

The ECOWAS Commissioner said that a meeting of ECOWAS Ministers of Agriculture has been slated for third of February, to take stock of what member countries had done in the past as well as chart a roadmap for the New Year.

He pledged that the ECOWAS would tackle the challenges of food insecurity as well as regional integration.

The Minister of Agriculture and Rural Development, Sheikh Abdullah, lauded the initiative behind the launch of the investment fund, saying that investment in the agricultural sector has been neglected over the years by the financial institutions.

The Minister, who is also the Chairman of the ECOWAS Council of Agriculture Ministers, said the proposed funds would provide a clear path for agricultural development in the region.

He pledged Nigeria 's support to the initiative.

NP/Margaret/Yinka