AfDB funds $19.5 million in food improvements in São Tomé, Príncipe
More than two thirds of Africa's second smallest country live in poverty, and more than 20 percent don't have a secure food supply. The funding plans to change this by investing in training for 16,000 farmers and 3,000 fishermen on all aspects of producing and marketing their products.
To find a place for the anticipated increase in production of higher quality products, the funds will help develop new markets, roads and irrigation. It will also work with government and private sector industries to prepare officials to support the work going on in São Tomé and Príncipe's fields and fisheries.
The investment is phase two of São Tomé and Príncipe's Infrastructure Rehabilitation for Food and Nutrition Security Support Project, which is part of national efforts to develop sustainable agriculture and economically empower rural women. More than 40 percent of the farmers affected by the new funding are women.
Bank officials estimate the cost of the project at $20.69 million. The AfDB loan will cover $16 million, a grant from the Global Environment Facility/Least Developed Countries Fund will cover $3.503 million and the government will round out the costs with $1.1 million.