Bank Pledges US$1 Billion Food Aid

Mail & Guardian, 7 May 2008. 

African Development Bank has pledged US$1 billion more for food aid as soaring commodity prices raise fears of famine, and it urged grain-exporting countries not to restrict shipments.

In a press statement, the bank notes that its agriculture portfolio will grow to US$4,8 billion, and it is restructuring a portion of that to free up US$250-million to be used more quickly.

The bank has warned that imposing curbs on food exports in a bid to secure domestic supplies and limit inflation with compromise to the existence of about 150 million people in a dozen African states.

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