World Bank USD 30 Billion Fund for Food Crisis
Actions that will be taken by the World Bank to mitigate the ongoing food security have been announced. The World Bank will be investing up to USD 30 billion to finance new and existing projects to mitigate the crisis.
The World Bank will be providing financing in which areas?
Financing will be provided in the areas like nutrition, agriculture, water, social protection, and irrigation so as to address the ongoing food insecurity across the globe over the next 15 months. The financing will also be including efforts that will help boost fertilizer and food production, facilitate trade, enhance the food systems, and support the vulnerable producers and households from across the globe. The World Bank has been working in tandem with several countries to prepare USD 12 billion worth of new projects to respond to the ongoing food crisis over the next 15 months.
What does the existing portfolio of the World Bank include?
The existing portfolio of the World Bank includes undisbursed balances amounting to USD 18.7 billion for projects that have a direct link to nutrition and food-related security issues. It also covers the natural and agricultural resources, social protection, nutrition, and various other sectors. The increase in food prices is having a devastating effect on the world’s most vulnerable and poorest. Hence, the countries and the World Bank must try to protect them from the crisis.
What needs to be done?
To stabilize the global markets, the countries must come up with policies to counter the effects of the Russia-Ukraine war. The countries across the globe must also make efforts to increase fertilizer and energy supplies, and also help the farmers to increase their crop yields. All such policies that are blocking imports and exports, and allowing unnecessary storage must also be done away with.
Month: Current Affairs - May, 2022
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