World Bank Group to double annual investments to USD9 billion by 2030

Date

10/24/2024 5:44:14 AM

(MENAFN) On Wednesday, the World bank Group announced a significant increase in its commitments to agri-finance and agribusiness, planning to double its annual investments to USD9 billion by 2030. This strategic decision aims to establish a comprehensive ecosystem that supports the agricultural industry. The initiative recognizes the critical role of agriculture in economic development and seeks to enhance the resilience and sustainability of agribusinesses globally.

The World Bank’s new target will concentrate on four key areas that are crucial for transforming the agribusiness landscape: climate change, innovations in finance, digitalization, and addressing the fragmentation that often hampers effective agricultural practices. By focusing on these priorities, the World Bank aims to foster an environment that encourages investment and innovation, ultimately leading to a more robust agricultural sector that can better meet global food demands.

With expectations that global food demand will rise by 60 percent in the coming decades, the World Bank’s enhanced financial commitment is positioned as a vital response to urgent employment needs in emerging markets. This proactive approach highlights the importance of agriculture as not just a means of food production but also as a significant driver of job creation and economic stability in developing regions.

World Bank Group President Ajay Banga emphasized the significance of this initiative, stating, “We stand at a crossroads, and the path we choose today will determine the future.” He underscored that the World Bank’s ecosystem approach transcends fragmented efforts, integrating a wide range of solutions, from warehousing to logistics and production. Importantly, the initiative places smallholder farmers and producer organizations at the forefront, ensuring that their needs and challenges are addressed as part of the overall strategy to revitalize the agribusiness sector.

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