The African Development Bank has approved the commencement of phase two of the Technologies for African Agricultural Transformation (TAAT) programme. The Bank Group’s Board of Directors, on Friday, 15 July 2022, approved the release of an additional $27.41 million to implement Phase II of the programme.
At the 15 August 2022 signing of the protocol of agreement between the bank and the executing agency for TAAT, the International Institute of Tropical Agriculture (IITA), the bank lauded the giant strides recorded under TAAT-I, which has galvanised the investment of more than $800 million in agricultural value chain projects in 21 African countries.
It has also mobilised $500 million in co-financing from the World Bank, the International Fund for Agricultural Development (IFAD), the Islamic Development Bank (IsDB), the Global Environment Facility (GEF) and other organizations, such as the Bill & Melinda Gates Foundation that support the TAAT Clearinghouse operations.
“The Bank is well positioned to harness the power of the science, knowledge and innovation needed to catalyse Africa’s agricultural transformation through this investment. The Bank already has extensive experience in agricultural development assistance in Africa, and this additional funding will help us to consolidate the achievements of TAAT-I,” said Beth Dunford, African Development Bank Group Vice President for Agriculture and Human and Social Development.