The World Bank said on May 18 it will make US$30 billion available to help stem a food security crisis.
"Food price increases are having devastating effects on the poorest and most vulnerable," said World Bank Group President David Malpass said in a statement. "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.”
The World Bank is working with countries on the preparation of US$12 billion of new projects for the next 15 months to respond to the food security crisis. These projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects, with the majority of resources going to Africa and the Middle East, Eastern Europe and Central Asia, and South Asia. In addition, the World Bank’s existing portfolio reportedly includes undisbursed balances of US$18.7 billion in projects with direct links to food and nutrition security issues, covering agriculture and natural resources, nutrition, social protection, and other sectors.
Altogether, this would amount to over US$30 billion 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.
Reuters says the World Bank's plans are the largest component of a US Treasury Department report summarizing food security action plans from international financial institutions released on May 18.
