World Bank announces up to $30 bn to address food security crisis

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”.

–IANS

int/khz/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor