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    World Bank to spend $30bln to tackle food shortage amid global supply crisis-

    May 19, 2022
    banking

    Amman, May 18 (Petra) -- The World Bank Wednesday said it will allocate $12 billion over the next 15 months to new projects to address the global food crisis and an additional $18 billion for ongoing projects.

    The Bank said in a statement that the bulk of projects and allocations will focus on Africa, the Middle East, Eastern Europe and Central and Southern Asia amid a global shipping and supply crisis driven by the Ukraine war.

    It explained that the aid would support agriculture in the target countries, social protection and support for water supply and irrigation projects.

    The President of the World Bank, David Malpass, was quoted as saying: 'The rise in food prices has devastating effects on the poorest and most vulnerable groups, and to inform and stabilise markets, countries must make clear announcements regarding future production increases in response to the Russian invasion of Ukraine.'

    Malpass recommended that countries make concerted efforts; not only to increase energy and fertiliser supplies, help farmers intensify agriculture and increase crop production, but to also eliminate policies that prevent exports and imports or encourage unnecessary storage.

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