The World Bank said on Wednesday it would make available $30 billion to help prevent a food security crisis caused by Russia’s attack on Ukraine, which halted most grain exports from the two countries.
The total amount will include $12 billion in new projects and more than $18 billion in existing food projects that have been approved but not yet disbursed, the bank said.
“High food prices have devastating effects on the poorest and most vulnerable,” World Bank Group President David Malpass said in a statement. “To stabilize the market, it is critical that countries make clear statements now about increased production in the future in response to the Russian attack on Ukraine.”
The bank added that the new projects are expected to support agriculture and social protection to mitigate the effects of high food prices on the poor, and water and irrigation projects.
The majority of the resources will go to Africa, the Middle East, Eastern Europe, Central Asia and South Asia. These regions are among the hardest hit by the impact of the war in Ukraine on grain supplies.
The World Bank’s plans were the biggest component of a US Treasury report summarizing food security action plans by international financial institutions released Wednesday.
#World #Bank #allocates #billion #support #food #security