Furthermore, there is a need to mobilize more domestic and external resources, as well as to improve the efficiency and effectiveness of infrastructure spending. However, these sources are insufficient in closing the financing gap. (Read: African Infrastructure Needs More Private Investment) The main sources of infrastructure financing in Africa are public sector budgets, development finance institutions, multilateral and bilateral donors, private sector investors, and public-private partnerships. However, Africa lags behind other regions, in terms of infrastructure quality and quantity, and faces a huge financing gap to meet its infrastructure needs.Īccording to the African Development Bank (AfDB), Africa’s infrastructure deficit is estimated to be between $130 billion and $170 billion per year, with a financing gap of $68 billion to $108 billion per year.
Infrastructure development is crucial for enhancing productivity, reducing poverty, improving health and education outcomes, and promoting regional integration. One of the main challenges that Africa faces is the lack of adequate infrastructure to support its economic and social development. “The K-Rice project will bring outstanding rice varieties and hope to the small farmers in Africa suffering from the climate crisis,” Marian Sunhee Yun, the director of the WFP Korea Office, said. The United Nations World Food Programme welcomed the move. South Korea has been able to produce enough rice to meet more than 90% of local demand, though still depends heavily on some other food imports.Īgriculture ministers from the eight participating African countries are due to visit Seoul to sign agreements on the project on Monday. “President Yoon Suk Yeol has been very clear about this, that we should come forward to help because we were the ones getting help during the difficult times,” Chung said.
This means the region is very exposed to global price volatility and trade disruptions.Īn agriculture ministry official said South Korea planned to spend more than 100 billion won ($77 million) on the food project over the next four years, with a goal of distributing 10,000 tonnes of rice seeds every year from 2027. Rice is a staple in West Africa, but local production only meets around 60% of demand, according to the Economic Community of West African States (ECOWAS). Rice prices had almost doubled due to supply chain disruptions,” Chung said, noting how food imports had squeezed the countries’ foreign exchange reserves. “It was when food security was a global issue. South Korea establishes ‘K-rice belt’ in 7 African countries. The minister said during several visits to Africa starting late last year officials told him they desperately needed help. Under the “K-Ricebelt Project”, South Korea will build facilities in Ghana, Guinea, Guinea-Bissau, Gambia, Senegal, Cameroon, Uganda, and Kenya to produce rice seeds that better suit local conditions and have yields two to three times higher than domestic varieties, Chung said in an interview this week. (Read: Understanding South Korea’s Relationship With Africa) The move also comes as President Yoon Suk Yeol has pledged to revamp South Korea’s foreign policy and make it a “global pivotal state” playing a more active role around the world.
South Korea is set to sign an agreement next week with eight African nations to help boost rice production and cut their dependence on imports, Agriculture Minister Chung Hwang-keun told Reuters, amid concerns over food security on the continent.
0 kommentar(er)
