According to the bank, it is working with countries on a
$12bn new projects fund for the next 15 months.
It said the projects are expected to support agriculture,
social protection to cushion the effects of higher food prices, and water and
irrigation projects.
It added that most of the funds would go to Africa, the
Middle East, Eastern Europe, Central Asia, and South Asia.
The global bank disclosed this on Wednesday when it
announced how it plans to be part of a comprehensive, global response to the
ongoing food security crisis.
It stated that it intends to roll out this fund in existing
and new projects in agriculture, nutrition, social protection, water, and
irrigation.
It said, “This financing will include efforts to encourage
food and fertilizer production, enhance food systems, facilitate greater trade,
and support vulnerable households and producers.”
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.”