The World Bank announces the allocation of $30 billion to address the global food crisis
The World Bank announces the allocation of $30 billion to address the global food crisis
In May 2022, the World Bank announced actions it intends to take as part of a comprehensive global responseto the ongoing food security crisis; This is done by allocating up to $30 billion to develop existing projects, or create new ones in several fields. Such as agriculture, nutrition, social protection, water, irrigation, etc. This financing will include efforts to encourage food and fertilizer production, strengthen food systems, facilitate increased trade, and support families and producers most in need.
Commenting on this, World Bank Group President David Malpass said: “Food price increases are having devastating impacts on the poorest and most needy groups… To guide and stabilize markets, it is crucial that countries issue clear statements now about future production increases in the context of confronting the effects of Russia’s invasion of Ukraine, and countries should make efforts Coordinated to increase the supply of energy and fertilizer supplies, help farmers increase cultivated areas and crop yields, and remove policies that hinder export and import operations.”
The World Bankis working with the countries concernedto prepare new projects worth $12 billion for the next fifteen months; To address the food security crisis.
It is expected that these projects will support the agriculture and social protection sectors. To mitigate the effects of high food prices, water and irrigation projects, and most of the resources will be allocated to Africa, the Middle East, Eastern Europe, Central Asia and South Asia.
The World Bank’s four priorities in responding to the food crisis:
- Supporting production and producers: Taking measures to enhance agricultural production for the next season by removing obstacles to the trade in agricultural supplies, focusing on raising the efficiency of fertilizer use, and redirecting public policies and expenditures; In order to provide better support to farmers and agricultural production.
- Facilitating increased trade:Building international consensus and commitment to avoid export restrictions that increase global food prices and import restrictions that discourage production in developing countries.
- Supporting families most in need:Expanding the umbrella of targeted, nutrition-sensitive social protection programs and strengthening financing and early response mechanisms.
- Investing in sustainable food security: Strengthening food systems to make them more resilient in the face of increasing risks (conflicts, climate change, pests, diseases), trade disruption, economic shocks, and balancing short-term needs with long-term investments.
The World Bank has gained extensive experience in responding to the global food price crisis in 2007-2008 through the Interim Program to Address the Global Food Crisis, which received contributions from donors and directed them to 49 affected countries through 100 projects.
Since then, The World Bank has successfully built new tools dedicated to addressing food security crises, including the IDA Crisis Window; To be deservedly one of the institutions that contribute most to confronting the dangers threatening the planet Earth.
