The ECOWAS Commission and the African Development Bank (AfDB) have signed a $12 million grant agreement to implement the Rice Resilient Value Chains Development Project (REWARD) in West Africa.
The signing ceremony took place at the ECOWAS Commission Headquarters in Abuja, Nigeria on Monday.
The REWARD project aims to promote public and private investments in rice value chains.
The Program will be based on relevant successful business models and is part of a regional rice development program financed by the AfDB across 15 West African countries.
The ECOWAS Commission President, H.E. Dr. Alieu Omar Touray signed the agreement on behalf of the Commission, while the AfDB Director General for Nigeria, Dr. Abdul Kamara, signed on behalf of the Bank's President, Dr. Akinwumi Adesina.
This multinational, multiphase program is valued at US $650 million and aims to promote rice sovereignty in all the ECOWAS Member States.
During the signing ceremony, Dr. Touray expressed the Commission's gratitude to the Bank for the grant and reaffirmed ECOWAS' commitment to implementing the project quickly.
On his part, Dr. Kamara stated that the Bank is committed to supporting ECOWAS in achieving food security and resilience in the region, in line with ECOWAS Vision 2020.