World Bank announces $1.2bn facility for food crisis
Friday, 30 May 2008 10:33
World Bank announces a new $1.2 billion (£0.6 billion) rapid financing facility
The World Bank has announced a new $1.2 billion (£0.6 billion) rapid financing facility to help address the immediate needs of the current global food crisis.
The facility includes $200 million (£101.5 million) in grants for the world's poorest countries.
The World Bank announced yesterday that it would boost its overall support for global agriculture and food to $6 billion (£3 million) next year, up from $4 billion (£2.03 billion).
"As we go into the Rome meeting next week, it is crucial that we focus on specific action," World Bank president Robert Zoellick said.
"Along with our partners, these initiatives will help address the immediate danger of hunger and malnutrition for the two billion people struggling to survive in the face of rising food prices, and contribute to a longer-term solution that must involve many countries and institutions."
Yesterday, million-dollar grants were approved for Haiti, Liberia and Djibouti and over the coming months the World Bank hopes to provide support to Togo, Yemen and Tajikistan.
The new facility will support programs such as food for work, conditional cash transfers and school feeding programs.
A new multi-donor trust fund is also being established to facilitate policy and operational coordination among donors, and leverage support for the rapid delivery of seeds and fertiliser to farmers.