African Development Bank approves large loan for agricultural development in DRC

(MENAFN) The Board of Directors of the African Development Bank Group has sanctioned a USD260.4 million loan to the Democratic Republic of the Congo (DRC) to support the Food Value Chain Development and Agricultural Transformation Support Project. Serge N'Guessan, the Bank’s Director General for Central Africa, emphasized the Bank's role as a strategic partner to the DRC, noting that Congolese authorities have prioritized agriculture as a key sector for the nation's development. This project, approved by the Bank Group's Boards of Executive Directors, is designed to facilitate the implementation of the National Food and Agriculture Charter, aligning with the DRC's national development vision.

In a related development, last May, the African Development Bank Group's Board of Directors approved a loan of 84 million euros (approximately USD91.2 million) to support the comprehensive and sustainable development of forest areas in Morocco. This initiative aims to benefit around 6.5 million rural inhabitants. According to a statement from the Bank, the loan is intended to enhance the Moroccan economy's resilience to climate change, improve water production efficiency, and foster entrepreneurship in the forestry and aquaculture sectors. The funding will also contribute to the rehabilitation of four Moroccan parks, the enhancement of biodiversity through the reintroduction of endangered species, the conservation of erosion-affected lands via biological treatments, and the provision of financial access for young farmers to support their projects. 

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