The World Bank said on Wednesday it will make $30 billion available to help stem a food security crisis threatened by Russia’s war in Ukraine, which has cut off most grain exports from the two countries.
The total will include $12 billion in new projects and over $18 billion funds from existing food and nutrition-related projects that have been approved but have not yet been disbursed, the bank said.
“Food price increases are having devastating effects on the poorest and most vulnerable,” said World Bank Group President David Malpass said in a statement. “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.”
The bank said the new projects are expected to support agriculture, social protection to cushion the effects of higher food prices on the poor, and water and irrigation projects. The majority of resources going to Africa and the Middle East, Eastern Europe and Central Asia, and South Asia.