World Bank fights food crisis with $1.2bn

by Richard Kilner

Story link: World Bank fights food crisis with $1.2bn

Yesterday, the World Bank Group declared it would be supporting the worldwide efforts to stem the ever-rising price of food and alleviate the global food shortage through the creation of a financing facility of over a billion dollars aimed at meeting the world’s immediate needs.

In addition to the $1.2bn facility, the World Bank Group has said it is to increase its investment in global agriculture by 50%, from $4bn to $6bn.

Poor countries and smallholders will also receive added protection through the introduction of crop insurance.

Specific action is what the World Bank must focus upon according to World Bank president Robert Zoellick.

Grants for Liberia, Djibouti and Haiti totalling $25m are being given the green light today, with financial support for Togo, Yemen and Tajikistan intended over the coming month.