African Development Bank (AfDB) said it disbursed loans and grants totalling $93 billion (about N14.9 trillion) to member countries between 1967 and 2011.
This is contained in a report by the bank which was made available to newsmen in Abuja yesterday.
According to the report, agriculture and rural development projects accounted for $11.85 billion, representing 12.74 per cent.
It said that infrastructure, which included transport, water and sanitation, communications and industry got $44 billion or 47.3 per cent of the funds.
Other sectors which benefited, the report said, included environment, finance, social and urban development which received the balance of $37.16 billion (40.65 per cent) during the period.
“The Bank recognises the strategic importance of investing in agriculture and food security to promote Africa’s inclusive growth and development agenda.
“Between 1967 and 2011, the African Development Bank Group approved loans and grants to its Regional Member Countries with commitments amounting to $93.01 billion,” the report said.
The report stated that projects in support of food and cash crops received the highest approvals of $1.26 billion, while rural infrastructure, capacity building and market access got 1.06 billion dollars during the period.
It said that projects in favour of fisheries, forestry and plantations development got a total of 432 million dollars.
“Despite a sharp drop in AfDB agriculture sector approvals from 335.85 million dollars in 2009 to 105.22 million dollars in 2010, AfDB investments in agriculture rebounded, reaching $224.31 million in 2011.
“These approvals correspond to 2.9 per cent of all AfDB Group approvals for different sectors in 2009, 1.9 per cent in 2010 and 3.5 per cent in 2011.
“The latter attesting to the relatively greater support provided by the AfDB to agriculture during the three-year period,” it said, adding that the drop from in the 2009 to 2010 figures “stemmed largely from countries’ priorities”.
It also said that during 2009 to 2012 period, the bank’s agriculture-related investments approved through its private sector window had a total commitment value of at least $283 million.
According to the report, between 2011 and 2013, the bank supported Africa’s fertilizer sector by extending loans amounting to $500 million to three companies.
The beneficiary companies, according to the report, include Morocco National Phosphate Company, the Gabon Fertilizer Company and Indorama Corporation in Nigeria.