The World Bank has announced plans to allocate more than $30 billion on projects to respond to challenges that arose in the field of global food security as Russia unleashed a full-scale invasion of Ukraine.
This is according to the bank’s official statement on Wednesday.
The statement quoted World Bank Group President, David Malpass as saying “Food price increases are having devastating effects on the poorest and most vulnerable.
“To inform and stabilise markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine.
“The World Bank today announced actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to $30 billion in existing and new projects in areas such as agriculture, nutrition, social protection, water and irrigation,” the statement reads.
This financing will include efforts to encourage food and fertilizer production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.
The World Bank is working with countries on the preparation of $12 billion of new projects for the next 15 months to respond to the food security crisis.
Major international financial institutions joined their efforts in many regions across the world to mitigate the consequences of the food crisis that has deteriorated over the past months over the war Russia is waging against Ukraine.