At the Camp David Summit, G8 and African leaders have launched a New Alliance for Food Security and Nutrition, the next phase of their shared commitment to achieving global food security.
In partnership with Africa's people and leaders, G8 countries aim to increase responsible domestic and foreign private investments in African agriculture, take innovations that can enhance agricultural productivity to scale, and reduce the risk borne by vulnerable economies and communities.
The New Alliance for Food Security and Nutrition is a shared commitment to achieve sustained and inclusive agricultural growth and raise 50 million people out of poverty over the next 10 years. It will align the commitments of Africa's leadership to drive effective country plans and policies for food security; the commitments of private sector partners to increase investments where the conditions are right; and the commitments of the G8 to expand Africa's potential for rapid and sustainable agricultural growth.
The World Bank, African Development Bank, the United Nation's World Food Program, International Fund for Agricultural Development, and Food and Agriculture Organization have pledged support to the New Alliance.
Based on the findings of the 2012 G8 Accountability Report and consistent with the Rome Principles on Sustainable Global Food Security, the Camp David Summit will agree to promptly fulfill outstanding financial pledges made at L'Aquila Summit, and seek to maintain strong support to address current and future global food security challenges, including through bilateral and multilateral assistance.
To accelerate national progress in African partner countries, the G8 will launch New Alliance Cooperation Frameworks that align with priority activities within each partner's Comprehensive Africa Agriculture Development Program (CAADP) national investment plan and include predictable funding commitments, specific policy actions, and statements of intent from the private sector.
The G8 will partner with the African Union, New Partnership for Africa's Development and CAADP to implement the New Alliance.
To mobilize private capital for food security, the New Alliance will support the preparation and financing of bankable agricultural infrastructure projects, through multilateral initiatives including the development of a new Fast Track Facility for Agriculture Infrastructure. It will also support the Global Agriculture and Food Security Program (GAFSP), with the goal of securing commitments of $1.2 billion over three years from existing and new donors.
The Alliance will announce the signing of Letters of Intent from over 45 local and multinational companies to invest over $3 billion across the agricultural value chain in Grow Africa countries, and the signing by over 60 companies of the Private Sector Declaration of Support for African Agricultural Development outlining their commitment to support African agriculture and public-private partnerships in a responsible manner.
To ensure accountability for results, the New Alliance will convene a Leadership Council to drive and track implementation, which will report to the G8 and African Union on progress towards achieving the commitments.
by RTT Staff Writer
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