The World Bank will invest $30 billion in Nigeria and other countries.
The World Bank will invest $30 billion in Nigeria and other countries.
AwesomeProf
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 stated how it intends to contribute to a comprehensive, global solution to the ongoing food security problem.
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.
World Bank Group President, David Malpass, said, “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. 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.”
The bank added that its current existing portfolio includes balances of $18.7bn in projects with direct links to food and nutrition security issues, covering agriculture and natural resources, nutrition, social protection, and other sectors.
It stated, “Altogether, this would amount to over $30bn available for implementation to address food insecurity over the next 15 months. This response will draw on the full range of Bank financing instruments and be complemented by analytical work.”
