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World Bank set to fund $30bn projects in Nigeria, others

AS part of a worldwide reaction to the ongoing food security crisis, the World Bank has announced that it will disburse a total of $30 billion to fund existing and new initiatives in Nigeria and other countries.

The bank stated that it would be working with governments on a $12 billion new project fund over the next 15 months.

According to the report, the initiatives are intended to help agricultural, social protection to mitigate the consequences of rising food costs, as well as water and irrigation projects.

And based on the statement, the majority of the cash would go to Africa, the Middle East, Eastern Europe, Central Asia, and South Asia.

This was revealed by the global bank on Wednesday, when it stated how it intends to contribute to a comprehensive, global solution to the ongoing food security crisis.

It said that the fund would be used in existing and new agricultural, nutrition, social protection, water, and irrigation projects.

It said, “This financing will include efforts to encourage food and fertilizer production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.”

World Bank Group President, David Malpass, said, “Food price increases are having devastating effects on the poorest and most vulnerable.

“To inform and stabilise markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine. Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage.”

The bank also stated that its current portfolio contains $18.7 billion in projects related to food and nutrition security, including agriculture and natural resources, nutrition, social protection, and other areas.

It stated, “Altogether, this would amount to over $30bn available for implementation to address food insecurity over the next 15 months. This response will draw on the full range of Bank financing instruments and be complemented by analytical work.”

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