In total, the new project will include $ 12 billion and বিদ্যমান 18 billion from existing food and nutrition-related projects that have been approved but have not yet been disbursed, the bank said.
“The rise in food prices is having a devastating effect on the poorest and most vulnerable,” World Bank Group President David Malpas said in a statement. “In order to inform and stabilize the market, it is important that countries now make clear statements about future output increases in response to Russia’s invasion of Ukraine.”
The bank said the new projects are expected to support agriculture, social security, the impact of higher food prices on the poor and water and irrigation projects. The lion’s share of resources are going to Africa and the Middle East, Eastern Europe and Central Asia, and South Asia.
These areas have suffered the most from the effects of the war in Ukraine. Countries such as Egypt are heavily dependent on Ukrainian and Russian wheat, and Russia is blocking Ukraine’s agricultural exports from the Black Sea ports and imposing domestic export bans, shaking up supplies.
The World Bank’s plan was the biggest component of the US Treasury Department’s report summarizing the food security action plan of the International Monetary Fund released on Wednesday.
The European Bank for Reconstruction and Development plans to provide 500 million euros ($ 523.50 million) for food security and trade financing for agriculture and food products, a 2 billion euro package for Ukraine and war-torn neighboring countries, the Treasury report says Ukraine will receive 200 million euros And neighboring countries will receive 300 million euros.
The International Monetary Fund will provide financial assistance through its regular channels, which are limited by the country’s shareholding and whether their debt is considered sustainable.