World Bank to spend $30B to address food insecurity

The World Bank announced on Wednesday that it is planning projects worth a total of $30 billion in the next 15 months to combat food insecurity. This includes undisbursed balances of $18.7 billion and $12 billion of new projects.

The programs will include support for producers and vulnerable households, removing input trade barriers, addressing import and export restrictions, and investing in sustainable food and nutrition security. Food price increases are having devastating effects on the poorest and most vulnerable,” World Bank Group President David Malpass said. “To inform and stabilize markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine. Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage.”