Islamic Development Bank: 170 billion to support the rice sector in ten countries including Benin

The Islamic Development Bank (IDB) has allocated CFAF 170 billion for the rice sector in 10 African countries. This was revealed, at the APS, Sidy Mohamed Ould Taleb, director of the regional hub of the financial institution. "The program aims to substantially increase production, rice productivity and the development of national and regional enterprises along the value chain with strong private sector participation," the official said. The project will focus, in its first phase, on Sierra Leone, The Gambia, Guinea, Niger, and Senegal. The second stage of the initiative will concern Côte d'Ivoire, Benin, Mali, Burkina Faso and Sudan. According to the 2016-2025 agricultural outlook, published jointly by the OECD and FAO, sub-Saharan Africa produces less than 3% of world rice. Nigeria, Mali, Madagascar, Tanzania, and Guinea are expected to be the main carriers of output growth by 2025.

(External Source)