Arab investment in agriculture to hit $ 27 billion
The Arab Organization for Agricultural Development (AOAD) expects Arab investment in agriculture of $ 27 billion, including $ 15 billion in Algeria during the next five years.
Ben Moussa Zedjali, Director General of the Arab Organization for Agricultural Development, said that the allocation of $27 billion comes within the framework of the Arab Emergency Program for Food Security 2011-2013, which aims to permanently reduce the Arab food shortage.
The Emergency Program for Food Security is expected to achieve a net increase in wheat production of about 20million tons, equal to 11% of the current production volume; 3.2 million tons of barley, or 57% of the current production, and 4 million tons of corn, about 52% of the current production volume.
Algeria, Egypt and Sudan allocate huge funds for the agricultural sector.
In 2010, the Arab food deficit, reached nearly $37 billion, in 2009 it was $37.7 billion and in 2008 it was $43.2 billion.
Zedjali warned of a deficit increase, in the two coming years, especially in light of the 36% rise in global food prices.
Despite achieving positive growth in the agricultural sector, the Arab world still faces huge challenges due to increasing demographic growth and the Arab population’s lifestyle of consuming more fine corn and wheat. (Source: www.yallafinance.com)
- OPEC's poor history of compliance will make production cut deal a challenge
- Jordan raises $400M for first phase of Red-Dead project
- Tunisia 2020 investment conference: 145 mega projects on offer
- Coca-Cola inaugurates $20M bottling plant in Gaza
- GCC tax on expats' income and remittances would be highly regressive: IMF