World Bank to fund $30 billion for existing, new projects in Nigeria, others

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 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.

Advertisement

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.”

Advertisement

Latest articles

Nepal transports shaligrams to Ayodhya for Ram-Sita idols

Nepal has initiated the transportation of two Shaligram stones to Ayodhya to construct the idols of Ram and Janaki. Once the stones reach Ayodhya, The Ram Janmabhoomi Teertha Kshetra will create the idols of Ram and Sita. These idols will be placed in the main temple complex at Ayodhya.

St Kitts and Nevis: PM Terrance Drew commits to improvement in National Security, starts several initaives

Dr Terrance Drew, who is also responsible for the Ministry of social security, has reiterated his commitment to prioritizing the safety and security of the nation's people.

Timothy Nwachukwu uses EndSars Summit to advise new Ebonyi Governor

Timothy Nwachukwu has taken to his social media account to share some advice with the incoming governor of Ebonyi State.

Sisi Yemmie shares “So far Vlog” to sum up family life for January

Renowned Nigerian Food Vlogger, content creator and social media influencer, Sisi Yemmie has returned to her YouTube account with a sum up video for the month of January.

Related articles