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Oliver Kazunga Senior Business Reporter
THE African Development Bank and Germany’s development bank KfW have entered into a partnership aimed at advancing the agricultural transformation agenda across Africa.

In a statement, AfDB said the collaboration seeks to develop solutions that drive inclusive growth in Africa by expanding access to financial services in the agricultural sector.

“In service of its mission to support sustainable development on behalf of the Germany government, KfW brings expertise in designing and scaling inclusive financial services solutions and infrastructure.

“AfDB and KfW will work with African governments and the private sector to develop and deliver affordable agricultural finance and support solutions to the benefit of both producers and consumers, including the traditionally unbanked,” said the AfDB.

The continental development bank actively promotes sustainable economic growth and poverty reduction in Africa.

In this light, the two financial institutions would share the vision of agriculture as an opportunity for inclusive wealth creation in an environment that is public sector enabled and private sector led.

The Germany bank said specifically, the collaboration will seek to bring successful agricultural finance solutions to scale across the continent, catalyse new sources of capital for agriculture, from the private sector and beyond as well as identify and pursue new financing solutions with an emphasis on rural population, youth and women.

The partnership is also anchored on sharing knowledge across academic, policy and commercial sectors to create thought leadership on financial inclusion and economic development in African agriculture and rural environments.

AfDB president Akinwumi Adesina was quoted as saying:

“We at AfDB have a clear vision and an ambitious agenda for agricultural transformation across Africa. Partnerships with like-minded development finance institutions are instrumental to achieving our vision and agenda, starting with KfW.”

KfW director Thomas Duve added: “We’re impressed by president Adesina’s leadership and vision, and are proud to be part in pursuing the bold aims of the agricultural transformation agenda. Both institutions see an urgent need for action, and we will jointly strive to deliver results as fast as possible. ”