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World Bank unveils $30B plan to address global food crises

EconomyWorld Bank unveils $30B plan to address global food crises

World (The Times Groupe)- The World Bank announced Wednesday that it will spend $30 billion over the next 15 months to combat global food insecurity triggered by Russia’s war in Ukraine.

According to a statement from the bank, the financing will support food and fertilizer production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.

In acknowledgement of the devastating effects of food price increases on the poorest and most vulnerable, World Bank Group President David Malpass said: “Countries should increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and eliminate policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage.”

The bank said it was preparing $12 billion worth of new projects for the next 15 months to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects, with a majority of the resources going to Africa and the Middle East, Eastern Europe and Central Asia, and South Asia.

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