The World Bank Group has announced an increase in its financial commitment to agribusiness, pledging to double its funding to $9 billion annually by 2030.
According to a statement on Wednesday by the World Bank, the initiative is aimed at creating a comprehensive ecosystem for the agribusiness sector, address critical challenges and opportunities in the industry.
This significant funding increase comes in response to transformative trends reshaping agribusiness, including climate change, advancements in financial technology, and the need for digital solutions.
“We stand at a crossroads, and the path we choose today will determine the future,” said World Bank Group President Ajay Banga.
“The World Bank’s ecosystem approach moves us beyond fragmented efforts to a constellation of solutions that includes everything from warehousing to logistics to production, but with smallholder farmers and producer organizations at the Centre.”
The multilateral lender noted that the ecosystem was made possible because of the work it had advanced over the past 16 months to become a better, simpler, more coordinated institution.
“The more integrated approach will bring together all the institution’s resources to offer comprehensive support and tailored solutions,” it stated.
The World Bank also said that it was developing a continuum with IBRD and IDA’s experience building capacity and services of the public sector; and IFC and MIGA financing and private sector access.
GIK/APA
