World Bank to invest billions more in agriculture

16 February, 2011 by (comments)

The World Bank has pledged to invest billions more in agriculture in response to new statistics that show the recent food price hikes are driving millions of people into extreme poverty.

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The World Bank will increase spending from US$4.1 billion to US$6-8 billion per year, supporting country-led agriculture and food security plans, investments in smallholder farmers, and the advocacy of investment in agricultural research through the Consultative Group on International Agricultural Research (CGIAR), of which CIAT is a member.

According to Food Price Watch, an estimated additional 44 million people in the developing world are living on less than US$1.25 since June 2010, as a result of increasingly unaffordable food prices. The World Bank’s food price index is currently only three per cent below the 2008 peak at the time of the last food price crisis.

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Filed Under: Agro-ecology and Economics @en