{"id":85263,"date":"2024-07-09T00:00:00","date_gmt":"2024-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/07\/09\/algeria-and-italys-bonifiche-ferraresi-sign-eur-430-mn-agricultural-agreement\/"},"modified":"2024-07-09T00:00:00","modified_gmt":"2024-07-09T00:00:00","slug":"algeria-and-italys-bonifiche-ferraresi-sign-eur-430-mn-agricultural-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/07\/09\/algeria-and-italys-bonifiche-ferraresi-sign-eur-430-mn-agricultural-agreement\/","title":{"rendered":"Algeria and Italy\u2019s Bonifiche Ferraresi sign EUR 430 mn agricultural agreement"},"content":{"rendered":"

Algeria inks agricultural agreement to boost food security: <\/strong>Algeria\u2019s Agriculture Ministry has signed a EUR 420 mn (USD 455 mn) agricultural agreement with Italian agro-industrial group Bonifiche Ferraresi<\/a> (BF) aimed at boosting food security and self-sufficiency in key crops in Algeria, Bloomberg<\/a> reported earlier this week.<\/p>\n

What we know: <\/strong>The pair will turn 36k hectares of land in the town of Timimoun in south central Algeria into a productive agricultural field to grow wheat, beans, and other crops, Bloomberg writes. 49% of the funding will come from Algeria\u2019s investment fund and BF will provide the remaining funds.<\/span><\/p>\n

Part of bigger plans at play: <\/strong>Algeria plans to also reclaim 500k hectares in the south over the next three years, and to increase grain-farming plots by 18% with the help of international investors, including Italian and Qatari firms, Agriculture Minister Youcef Cherfa said last week according to Bloomberg. As for Italy, Prime Minister Giorgia Meloni revealed a EUR 5.5 bn investment plan to strengthen diplomatic ties with Africa including in the energy sector. <\/p>\n

Algeria\u2019s crops have suffered from months of drought: <\/strong>Algeria is set to become the world\u2019s fifth largest importer of soft wheat this year due to months of climate-change induced drought<\/a> that have affected cereal production capacity. The country is one of the most water stressed in the world, meeting less than a third of the World Bank\u2019s per capita water scarcity threshold. Boosting self-sufficiency in key crops will further the 2020-2024 Agriculture Roadmap under which Algeria has set a target to reduce its annual USD 10 bn food imports by 25%. <\/p>\n","protected":false},"excerpt":{"rendered":"

They plan to cultivate crops on 36k hectares of 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