At the G8 summit at Camp David on May 18th, 2012, President Barack Obama outlined a comprehensive strategy to tackle global food insecurity. Obama announced that the newly formed New Alliance for Food Security and Nutrition intends to lift 50 million people out of poverty by directing private agricultural investments in Africa.
Obama’s new international poverty-relief directive focuses on agricultural investments because agriculture forms the basis of a functioning economy. While many private and public poverty-relief programs focus on developing specific, highly-productive industries such as textiles and natural resource harvesting, Obama’s declaration shows that G8 has recognized that without food security and responsible land management, it is difficult to develop other industries. The New Alliance will mobilize around 3 billion USD for its initial efforts. Ethiopia, Ghana, and Tanzania will be the first African nations to receive targeted private investments.
The New Alliance follows L’Aquila Food Security Initiative (AFSI), an older G8 food security investment program that completed its three-year development in 2012. AFSI raised over 22 billion USD from the G8, but has failed to disperse over forty percent of funds according to the Camp David Accountability Report. In order to compensate for this perceived failure, the New Alliance includes an accountability mechanism to track the dispersal of funds.