The World Bank announces an additional $12B in funding for projects to address the global food security crisis, bringing the total to $30B
"Food price increases are having devastating effects on the poorest and most vulnerable," World Bank President David Malpass says.
Amid the growing shortages exacerbated by the Russian offensive against Ukraine, a key grain producer, the new funding will finance projects over the next 15 months to boost food and fertiliser production, facilitate greater trade and support vulnerable households and producers, the World Bank said on Wednesday.
"It is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine." Russia's offensive against Ukraine and international economic sanctions on Moscow have disrupted supplies of wheat and other food supplies from both countries and pushed up fuel and diesel prices, especially in developing nations.And India over the weekend banned wheat exports, which sent prices for the grain soaring.
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