The World Bank has announced activities as part of an overall, global response to the ongoing food security issue, including up to $30 billion in funding for existing and new initiatives.
It said that the fund would be used in existing and new agricultural, nutrition, social protection, water, and irrigation projects.
“This funding will include efforts to increase food and fertilizer production, improve food systems, facilitate greater commerce, and support vulnerable households and producers,” according to the statement.
“Food price rises are having devastating repercussions on the poorest and most vulnerable,” said David Malpass, President of the World Bank Group.
He asked governments to work together to increase energy and fertiliser supplies, assist farmers in increasing plantings and agricultural yields, and “eliminate rules that hinder exports and imports, divert food to biofuel, or encourage excessive storage,” among other things.
“It is vital that countries make unambiguous announcements now about potential output increases in reaction to Russia’s invasion of Ukraine in order to inform and stabilize markets.” Countries should work together to increase energy and fertilizer supplies, assist farmers in increasing plantings and agricultural yields, and eliminate restrictions that stifle trade, divert food to biofuel, or encourage excessive storage.”
The bank also stated that its current portfolio contains $18.7 billion in projects related to food and nutrition security, including agriculture and natural resources, nutrition, social protection, and other areas.
