May 19, 2022
1 min read

World Bank’s $30 billion to combat food crisis

It will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers….reports Asian Lite News

The World Bank has announced actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to $30 billion financing in existing and new projects.

The bank said on Wednesday in a statement that the financing in areas such as agriculture, nutrition, social protection, water and irrigation will be available for implementation to address food insecurity over the next 15 months, Xinhua news agency reported.

It will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.

The World Bank is working with countries on the preparation of $12 billion of new projects for the next 15 months to respond to the food security crisis, according to the statement.

In addition, the World Bank’s existing portfolio includes undisbursed balances of $18.7 billion in projects with direct links to food and nutrition security issues, covering agriculture and natural resources, nutrition, social protection, and other sectors.

“Food price increases are having devastating effects on the poorest and most vulnerable,” said World Bank Group President David Malpass.

To inform and stabilise markets, it is critical that countries make clear statements now of future output increases in response to the Russia-Ukraine war, he added.

He urged countries to make concerted efforts to increase the supply of energy and fertiliser, help farmers increase plantings and crop yields, and “remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage”.

ALSO READ: World Bank dubious about Lankan economic outlook

Previous Story

Biden- Moon meeting unlikely to take place

Next Story

Bollywood fashion @ Cannes

Latest from -Top News

Kabila returns to Congo from exile 

Kabila, who left Congo in 2023, came to Goma “to participate in peace efforts” in the conflict-hit east where Rwanda-backed M23 rebels have seized large swaths of territory  Former Congolese President Joseph

India, Tanzania discuss strengthening bilateral ties 

Tanzania and India have traditionally enjoyed close, friendly, and cooperative relations. From the 1960s to the 1980s, the political relationship was characterised by shared commitments to anticolonialism, non-alignment   India’s External Affairs

INS Sunayna arrives in Mozambique 

 The port call marks a significant milestone, enhancing maritime cooperation and interoperability between the Indian and Mozambique Navies   The Indian Navy’s INS Sunayna, currently deployed as part of the Indian Ocean
Go toTop

Don't Miss

Ajay Banga Charts IDA’s Path to Global Progress

World Bank Chief underscored the urgency of action, particularly with

UN warns of deepening food crisis in Sudan

The UN has warned of a deepening food crisis in