Combined effort of FAO and UNIDO lead to creation of a major investment fund
A joint effort initiated by FAO and UNIDO to increase public and private investment into African agribusiness and agro-industries brought together country leaders and organizations from across Africa for a High Level conference on the Development of Agribusiness and Agro-industries in Africa, held in March 2010. The resulting Abuja Declaration included a call for developing investment modalities. A joint task force of FAO, UNIDO, private bankers and the African Development Bank (AfDB) was formed. This resulted in the creation of Agvance Africa Agribusiness and Agro-Industries Investment Fund of Funds. The US$500 million dollar fund of funds - housed in the AfDB which is investing US$100 million - will be managed by the Credit Suisse Customized Fund Investment Group and will invest in or co-invest with investment funds in Africa in order to catalyze investment into agribusiness and agro-industry with the ultimate goal of inclusive job creation and promoting innovative and environmentally sustainable approaches throughout the agricultural value chain.
In parallel, FAO, UNIDO and the AfDB are also working to create an African Technical Assistance Facility to improve investment readiness and assist governments with building the necessary legal and supporting frameworks for investment in the context of the 3ADI.