The African Development Bank (AfDB) Group and the Children’s Investment Fund Foundation (CIFF) have signed a letter of intent formalizing the establishment of the End School Age Hunger Fund, with an initial commitment of $50 million from CIFF.
The Fund will provide critical support to Nigeria and other African countries working towards universal school meals through a combination of grants and loans to build programs across Africa.
The agreement was signed during a high-level roundtable co-hosted by the African Development Bank Group, Aliko Dangote Foundation, CIFF and the Rockefeller Foundation.
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The event, titled “Leveraging the strength and capital of banking and philanthropy for a prosperous, inclusive and resilient Africa,” included African leaders from King Letsie III of Lesotho, the African Union and Nutrition Champions; Bringing together key figures in development finance and philanthropy.
Participants supported new models to accelerate progress towards the United Nations Sustainable Development Goals (SDGs) and promote green growth on the continent, including school feeding programmes.
Aliko Dangote, president of the foundation, said joint efforts will improve the health and nutrition of millions of children across Africa, reduce malnutrition and foster stronger, healthier communities. He said he was deaf.
“Improving nutrition, health and educational outcomes are fundamental to human productivity, prosperity, longevity and well-being,” Dangote said.
Every dollar invested in school lunch programs yields a return of $9 in improved health, educational outcomes, and economic productivity.
These programs promise vital nutrition and serve as powerful tools for social protection and economic growth.
“We aim to reach 10 million vulnerable children in 10 pilot countries by 2030. But we believe this is just the beginning. May every idea be shared, every partnership formed, every commitment made today a stepping stone to a well-fed, educated and empowered Africa.” The King spoke.
African Development Bank President Akinwumi Adesina said: They can become non-state contributors to the African Development Fund. You can also invest in AFDB’s recently launched hybrid capital, as AFDB looks to add a “family and friends” element to the fund. ”
Christopher Horne, founder and chairman of the Children’s Investment Fund Foundation, said school meals are a cost-effective solution that can address an urgent and critical challenge, while also helping to achieve zero hunger by 2030. He said he could contribute.
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He said the CIFF-AfDB partnership is an important milestone in maximizing the impact of philanthropic funding in Africa and forging new and innovative collaborations. ”
The meeting highlighted the African Development Bank Group’s successful collaborations with philanthropic initiatives such as the collaboration with the Rockefeller Foundation, the Aliko Dangote Foundation, and the African Development Bank’s Nutrition Bank Partnership.
Participants agreed on the need to attract funding from a variety of sources, including development banks, charities, pension funds and private investors.
