core sector communique

US President Announces Multi-billion Dollar Investments for African Agriculture as Part of an Initiative Developed in Collaboration with the World Economic Forum

• US President Barack Obama announces over US$ 3 billion in private-sector investment plans to boost African food security
• African and G8 governments commit public-sector funding and action to enable long-term success of agriculture investments
• Commitments form part of the G8's New Alliance on Food Security and Nutrition, which will help lift 50 million people out of poverty
• Investments were developed in collaboration with the Grow Africa partnership of the African Union, NEPAD and the World Economic Forum

Washington DC, USA, 18 May 2012 – Forty-nine companies have committed to invest over US$ 3 billion in Africa's agricultural sector as part of the G8's New Alliance for Food and Nutrition Security initiative, US President Barack Obama announced today. The commitments were developed in collaboration with Grow Africa, an innovative partnership led by the World Economic Forum, the African Union and the New Partnership for Africa's Development (NEPAD).

“Today, I can announce a new global effort, bringing together all global players for a shared effort – African governments and donor countries, which agreed to align their donations with the goals, and private sector players, international as well as non-governmental organizations,” said President Obama, speaking at the Symposium on Global Agriculture and Food Security in Washington DC, an event hosted by The Chicago Council on Global Affairs. “We will stay focused on clear goals, boosting farmers’ income and helping 50 million people lift themselves out of poverty. We can unleash the change that reduces hunger and malnutrition. This is the new commitment we are making today.”