African Development Bank approves $1.5B to avert food crisis

The African Development Bank Group (AfDB) said it has approved $1.5 billion to help the continent tackle food crisis sparked by Russia's war on Ukraine.

Africa faces a shortage of at least 30 million metric tons of food, especially wheat, maize, and soybeans imported from both countries.

"The funds will help 20 million African farmers produce an extra 38 million metric tons of food to address growing fears of starvation and food insecurity on the continent," read a statement issued on Monday.

Earlier, Dr Akinwumi Adesina, president of the African Development Bank Group, had said "Africa needs seeds in the ground, and mechanical harvesters to harvest bountiful food produced locally."

The emergency package comes as the financial institution gathers in the Ghanaian capital of Accra for its annual meetings this week.