The World Bank will allocate $ 30 billion for food security due to the war in Ukraine
The day before, the World Bank announced plans to allocate more than $ 30 billion to prevent a global food crisis because of Russia’s war in Ukraine.
It was reported by the press service of the World Bank.
They will allocate the money to existing and new projects in agriculture, food production, social protection, water supply, and irrigation.
– Food price increases are having devastating effects on the poorest and most vulnerable. To stabilize markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine, – said the President of the World Bank Group, David Malpass.
According to him, countries should make concerted efforts to increase the supply of energy and fertilizer and help farmers increase plantings and crop yields. And also, it is essential to remove policies that block exports and imports, divert food to biofuel, etc.
The World Bank is working on new projects worth $ 12 billion over the next 15 months, reacting in such a way to the food security crisis.
Most resources go to Africa and the Middle East, Eastern Europe, Central Asia, and South Asia
The World Bank’s current portfolio includes unspent balances of $ 18.7 billion in projects directly related to food security and nutrition, covering agriculture and natural resources, nutrition, social protection, and other sectors. It will amount to more than $ 30 billion for food security over the next 15 months.
The global response of the World Bank Group will address resolving four priority issues:
- Support production and producers;
- Facilitate increased trade;
- Support vulnerable households;
- Invest in sustainable food and nutrition security.
The World Bank gained extensive experience responding to the global food price crisis of 2007–2008 under the temporary Global Food Crisis Response Program (GFRP), which received donor contributions and channelled funds to 49 affected countries.
Source: World Bank
