NAIROBI – Rwanda will be one of the beneficiaries of the International Finance Corporation (IFC) plans to double investment in agriculture sectors across Africa next year.

IFC Chief Executive Officer Lars Thunell said recently that IFC would increase investments to $468m in its next financial year.

Speaking during the signing of a partnership between the Alliance for a Green Revolution in Africa (AGRA) and IFC, Thunell said his corporation would spend $189m in the current financial year.

"The challenges to growing Africa’s agribusiness are great. But so are the opportunities. IFC is committed to helping Africa capitalise on these opportunities by playing a catalytic role of bringing a wide range of partners together to deliver practical market based solutions. Our alliance with AGRA is a very important step in this direction,” said Mr Thunell.

AGRA’s President Namanga Ngongi noted that the partnership with IFC will harness the strengths of both organisations to scale up AGRA’s innovative programs across the agricultural value chain.

AGRA plans to open operations in the region in countries including Uganda, Rwanda and Tanzania.

"The growth of the agricultural sector will strengthen the continent’s food security as well as create employment and raise living standards for millions of smallholder African farmers,” said Ngongi.

He observed that the amount of agricultural lending in Africa is very low; one of the reasons hindering farmers’ ability to achieve their full potential, and escaping hunger and poverty.

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