World Bank earmarks $30bn to address global food crisis

The World Bank says it will make $30 billion available for implementation to address food insecurity over the next 15 months.

The bank disclosed this in a statement issued on Wednesday.

The total will include $12 billion funding for new projects and $18.7 billion in existing projects with direct links to food and nutrition security issues that have been approved but have not yet been disbursed.

“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,” the statement reads.

“These projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects, with the majority of resources going to Africa and the Middle East, Eastern Europe and Central Asia, and South Asia.

“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.

“Altogether, this would amount to over $30 billion available for implementation to address food insecurity over the next 15 months. This response will draw on the full range of Bank financing instruments and be complemented by analytical work.”

Speaking on the development, David Malpass, World Bank president, said food price increases are having devastating effects on the poorest and most vulnerable.

“To inform and stabilise markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine,” Malpass said.

“Countries should 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.”