Anjali Sharma
GG News Bureau
WASHINGTON , 20th May. World Bank on Thursday has announced its action plans to take a comprehensive, global response to the ongoing food security crisis, with up to $30 billion in financing in existing and new projects, according to a statement issued.
The bank said 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.
It will include efforts to encourage food and fertilizer production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.
The statement said that 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.
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, it added.
World Bank Group President David Malpass said “Food price increases are having devastating effects on the poorest and most vulnerable,”.
He added to inform and stabilize markets, it is critical that countries make clear statements now of future output increases in response to the Russia-Ukraine war.
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”
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