As a global response to the ongoing food security crisis, the World Bank has announced that it plans to finance up to $30 billion in existing and new projects.
The bank said on Wednesday in a statement that the financing will be available for implementation in areas such as agriculture, nutrition, social protection, water and irrigation to address food insecurity over the next 15 months. It will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.
According to the statement, the World Bank is working with countries on the preparation of $12 billion worth new projects for the next 15 months to respond to the food security crisis.
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.
He urged countries to make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and “remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage”.
