25 October 2024 (Punjab Khabarnama) : The World Bank Group has unveiled a new, integrated approach to agribusiness, committing to doubling its annual agri-finance and agribusiness investments to USD 9 billion by 2030. This strategic shift aims to establish a comprehensive ecosystem for the industry, aligning with global challenges such as climate change, digitalization, and market fragmentation.
As global food demand is expected to increase by 60% in the coming decades, the World Bank’s approach is designed to support the growing need for food production while addressing critical issues in emerging markets, including job creation. World Bank Group President Ajay Banga highlighted the importance of the new strategy, noting that the approach will shape the future by moving beyond fragmented efforts. He emphasized that smallholder farmers and producer organizations are central to the comprehensive ecosystem of solutions the Bank is creating.
This ecosystem-driven model is the result of over 16 months of internal reform aimed at simplifying and streamlining the World Bank’s efforts, allowing for more coordinated and impactful support across the public and private sectors. By leveraging the resources of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) for public sector capacity-building, alongside the financing and risk mitigation capabilities of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), the Bank aims to foster stronger collaborations and mobilize up to USD 5 billion in additional resources by 2030.
