In light of the effects of climate change, Kenya on Thursday, May 22 called for more inclusive and context-sensitive financing of Africa’s agricultural system to increase food production.
According to Musalia Mudavadi, Kenya’s Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora affairs, the agriculture sector’s enormous potential is still not being met by the current financing structure.
“As part of a unified strategy for sustainable growth, we must move from reactive, transactional approaches to bold, transformational ones that unlock land, labor, and local knowledge,” Mudavadi stated during the Financing Agri-Food Systems Sustainably summit in Nairobi, Kenya.
Africa should investigate diaspora bonds for rural infrastructure, Islamic finance for investments that align with faith, blockchain-enabled traceability to enhance creditworthiness, and green bonds for climate-smart agriculture, he noted.
In order to match resources with regional and national priorities, Mudavadi urged coordination between ministries, development partners, and private sector players. As a strategic lever that offers a framework to harmonize standards, facilitate cross-border finance, and unlock regional agricultural corridors, the Kenyan official urged the continent to support the African Continental Free Trade Area. Mudavadi asserts that Kenya views agriculture as a platform for shared prosperity rather than just a sector.