World Bank announces up to $30bn to address food insecurity

Washington: 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 in 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 fertilizer 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.