The Alliance for Special Agro-Industrial Processing Zones has pledged $3 billion to enhance food production in Africa. Comprising the African Development Bank Group, Afreximbank, Arise Integrated Industrial Platforms, the Islamic Development Bank Group, and the United Nations Industrial Development Organization, this alliance was established during the 2023 Afric Investment Forum Market Days. The primary aim is to bridge the critical financing gap in agriculture and transform underdeveloped rural areas in Africa into agro-industrial hubs of prosperity.
The commitments include $1.1 billion from the African Development Bank Group, $1 billion from Afreximbank, $300 million from the Islamic Development Bank Group, and $600 million from Arise Integrated Industrial Platforms and its partners. Together, these commitments aim to catalyze development in agro-industrial sectors, streamlining Special Agro-Industrial Processing Zone projects in the process.