World Bank to provide additional $12b to address ‘devastating’ global food crisis

World Bank to provide additional $12b to address ‘devastating’ global food crisis

The move, which will bring total available funding for projects over the next 15 months to $30 billion, was unveiled hours before a major United Nations meeting on global food security. Amid the growing shortages intensified by the war in Ukraine, a key grain producer, the new funding will help boost food and fertiliser production, facilitate greater trade and support vulnerable households and producers, the World Bank said. "Food price increases are having devastating effects on the poorest and most vulnerable," World Bank President David Malpass said in a statement. "It is critical that countries make clear statements now of future output increases in response to Russia's invasion of Ukraine." The bank previously announced $18.7 billion in funding for projects linked to "food and nutrition security issues" for Africa and the Middle East, Eastern Europe and Central Asia, and South Asia. Russia's invasion of Ukraine and international economic sanctions on Moscow have disrupted supplies of fertiliser, wheat and other commodities from both countries, pushing up prices for food and fuel, especially in developing nations. And India over the weekend banned wheat exports, which sent prices for the grain soaring. "Countries should make concerted efforts to increase the supply of energy