The World Bank has announced its plan to significantly increase its agricultural financing, aiming to double its commitment to $9 billion annually by 2030. Ajay Banga, president of the World Bank, revealed the strategy during the Annual International Monetary Fund/World Bank Group meetings. Banga emphasized the need to boost food production, address water scarcity, and enhance agricultural infrastructure, combining this new investment approach with innovative digital solutions.
One key focus is leveraging climate finance, with agriculture currently receiving just 4% of global climate funding, despite being highly vulnerable to climate risks and a notable contributor to emissions. The bank also plans to use tools like credit guarantees and insurance to attract more private capital.
This commitment follows reforms at the World Bank and aims to tackle the global challenges facing the agricultural sector, including productivity issues and digitalization opportunities, to enhance farm-to-market connectivity.
