France sets up investment fund for African farming

1st June 2010, Comments 0 comments

France announced Tuesday the creation of an investment fund of up to 300 million dollars (245 million euros) to develop agriculture and food distribution in Africa.

The African Agriculture Fund will initially raise 120 million dollars for the projects, according to a final statement from the Africa-France summit held in the Riviera city of Nice.

The initiative will help strengthen food security on the continent.

President Nicolas Sarkozy and African leaders agreed to work together during next year's French presidency of the Group of 20 club of developed economies on ways to combat volatile commodity prices in agriculture.

© 2010 AFP

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