The World Bank is allocating $30 billion (more than 28.6 billion euros) to help fight the worst hunger in the world, she announced on Wednesday. The war in Ukraine cut grain exports from that country and Russia to a large extent.
“Food price increases are having devastating effects on the poorest and most vulnerable,” said David Malpass, president of the World Bank Group. He urges countries to clearly state how they will increase production in response to the Russian invasion of Ukraine.
The World Bank plans to spend $12 billion on new projects, while $18 billion is earmarked for existing food and related projects that have already been approved but have not yet been disbursed, the bank said.
The new projects are mainly aimed at supporting agriculture, water and irrigation projects and mitigating the consequences of higher food prices for the poor.
Grain shortages mainly affect Africa, the Middle East, Eastern Europe and parts of Asia
Most of the money goes to Africa, the Middle East, Eastern Europe, and Central and South Asia. These regions are hardest hit by the reduced grain supply as a result of the war in Ukraine.
Countries such as Egypt are heavily dependent on Ukrainian and Russian grain and are in serious trouble after Russia has blocked exports of Ukrainian agricultural products from ports on the Black Sea and imposed domestic export restrictions.
The World Bank’s plans are contained in a report released Wednesday in which the US Treasury Department summarizes food security action plans made by international financial institutions.