The World Bank has said it is set to disburse a total of $30bn to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis.
According to the bank, it is working with countries on a $12bn new projects fund for the next 15 months. It said the projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects.
It added that most of the funds would go to Africa, the Middle East, Eastern Europe, Central Asia, and South Asia. The global bank disclosed this on Wednesday when it announced how it plans to be part of a comprehensive, global response to the ongoing food security crisis.
It stated that it intends to roll out this fund in existing and new projects in agriculture, nutrition, social protection, water, and irrigation. 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.”