World Bank Launches $1.2 Billion Fast-Track Facility for Food Crisis
Crop insurance to be launched
Announcing several measures to address immediate to longer-term food challenges, the World Bank Group said it would boost its overall support for global agriculture and food to $6 billion next year up from $4 billion, and would launch risk management tools, and crop insurance to protect poor countries and small-holders.
“As we go into the
The $1.2 billion facility, which is designed to address immediate needs, supports safety net programs such as food for work, conditional cash transfers, and school feeding programs for the most vulnerable. It provides support for food production – this year and beyond - by supplying seeds and fertilizer, improving irrigation for small-scale farmers, and providing budget support to offset tariff reductions for food and other unexpected costs.
As part of the new facility the World Bank is also establishing a Multi-Donor Trust Fund to facilitate policy and operational co-ordination among donors, and leverage financial support for the rapid delivery of seeds and fertilizer to small farmers for the upcoming planting season.
The new rapid response facility stands alongside other efforts by the World Bank Group to address the global food crisis. The World Bank Board of Executive Directors is considering initiatives to provide risk management tools to poor countries faced by drought and other catastrophes.
working with our Board to deploy index-related hedges and insurance
products to protect poor farmers and countries from weather and supply
shocks,” said Zoellick.
Under a proposal being discussed by the Bank’s Board in June,
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