As part of a worldwide reaction to the ongoing food security crisis, the World Bank has announced that it will disburse a total of $30 billion to fund existing and new initiatives in Nigeria and other countries.
The bank claims to be working with governments on a $12 billion new project fund over the next 15 months.
The initiatives are intended to help agricultural, social protection to mitigate the consequences of rising food costs, as well as water and irrigation projects, according to the report.
The majority of the cash would go to Africa, the Middle East, Eastern Europe, Central Asia, and South Asia, according to the statement.
This was revealed by the global bank on Wednesday, when it detailed how it aims to contribute to a comprehensive, worldwide response to the food crisis.
It said that the fund would be used in existing and new agricultural, nutrition, social protection, water, and irrigation projects.
“This funding will include efforts to increase food and fertilizer production, improve food systems, facilitate greater commerce, and support vulnerable households and producers,” according to the statement.
“Food price rises are having devastating repercussions on the poorest and most vulnerable,” said David Malpass, President of the World Bank Group.
“It is vital that countries make unambiguous announcements now about potential output increases in reaction to Russia’s invasion of Ukraine in order to inform and stabilize markets.”
Countries should work together to increase energy and fertilizer supplies, assist farmers in increasing plantings and agricultural yields, and eliminate restrictions that stifle trade, divert food to biofuel, or encourage excessive storage.”
The bank also stated that its current portfolio contains $18.7 billion in projects related to food and nutrition security, including agriculture and natural resources, nutrition, social protection, and other areas.
“Over the next 15 months, this would equate to over $30 billion available for implementation to combat food insecurity,” it said. This answer will rely on the complete range of Bank financing options, as well as analytical effort.”
