News

World Bank Announces Up To US$30 Billion To Address Food Insecurity

WASHINGTON, May 19 (Bernama) — The World Bank on Wednesday announced actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to US$30 billion (US$1=RM4.4) financing in existing and new projects, Xinhua reported.

The bank said in a statement that the financing in areas such as agriculture, nutrition, social protection, water and irrigation will be available for implementation to address food insecurity over the next 15 months.

It will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.

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, according to the statement.

In addition, the World Bank’s existing portfolio 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.

“Food price increases are having devastating effects on the poorest and most vulnerable,” said World Bank Group President David Malpass.

To inform and stabilise markets, it is critical that countries make clear statements now of future output increases in response to the Russia-Ukraine war, Malpass said.

He urged countries to make concerted efforts to increase the supply of energy and fertiliser, help farmers increase plantings and crop yields, and “remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage”.

Sources: BERNAMA

Adib Mohd

Recent Posts

Idea Live Arena’s Launch A Boost To Regional Entertainment Scene With Visit Malaysia Year 2026 In Full Swing

Idea Live Arena, Malaysia’s largest indoor arena within a shopping mall and the nation’s second… Read More

19 hours ago

Schola Launches New Free Career Exploration Platform to Help Malaysian Students Find Their Paths

Schola, Malaysia’s first free digital career exploration platform for secondary school students, officially debuted today… Read More

19 hours ago

Bowers & Wilkins Welcomes The New Px7 S3 And The Pi8 McLaren Edition

Bowers & Wilkins, the renowned global audio brand, is thrilled to unveil its latest flagship… Read More

20 hours ago

POCO Reinvigorates Entry-Level Smartphone Market with POCO C71

POCO, a leading technology brand among young tech enthusiasts, today launched POCO C71, a new… Read More

20 hours ago

SEACare 2025 Solidifies Malaysia’s Leadership in Southeast Asia’s Healthcare Landscape

Malaysia’s commitment to transforming its healthcare system takes centre stage this week as SEACare 2025,… Read More

5 days ago

Drop: A First Date That Turns Into a Psychological Minefield

What happens when trust, trauma, and tequila meet at the same table?  That’s the unnerving… Read More

5 days ago

This website uses cookies.