The World Bank is all set to fund $30 billion in new as well as existing projects in Nigeria and other nations as part of a global response to battle the continued food security crisis.
The bank gave the following statement, and it also said that it is working with nations on a $12 billion fresh projects fund for the next 15 months, further adding that the projects are estimated to support agriculture and social protection to ease the effects of rising food prices, and water as well as irrigation projects.
It also stated that most of the funds would be going to Africa, Eastern Europe, the Middle East, South Asia and Central Asia. The bank revealed this on Wednesday, 18 May, when it disclosed how it plans to be part of a complex, global response to the ongoing food security crisis highlighting that it plans to roll out this fund in new and existing projects in nutrition, agriculture, social protection, water and irrigation.
It further said, “This financing will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.”
David Malpass, World Bank Group President, stated, “Food price increases have devastating impacts on the poorest and most vulnerable.
“Nations should make concerted efforts to expand energy and fertiliser supply, help farmers expand plantings and crop yields, and remove policies that thwart exports and imports, divert food to biofuel, or promote unneeded storage.”
The bank also said that its current portfolio includes balances of $18.7 billion in projects with direct ties to food and nutrition security issues, covering agriculture as well as natural resources, social protection, nutrition and other sectors.
“Overall, this would amount to more than $30billion available for implementation to manage food insecurity during the next 15 months.”