World Bank has pledged an estimated $30 billion for at least 15 months to tackle the global food security crisis due to the ongoing war in Ukraine. Due to the blockade of the Black Sea ports by Russian warships, nearly 25 million tonnes of grains slated for export to countries worldwide are stuck in Ukraine, unable to be shipped out. The grain export block has led to inflation worldwide due to food shortage that has skyrocketed the prices of the commodities.
In an official statement, the US Treasury outlined the food security plan titled IFI Action Plan to Address Food Insecurity drafted by the international financial institutions that would help curb the dearth of supplies, globally. The plan was developed by the Asian Development Bank (ADB), the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), the International Fund for Agricultural Development (IFAD), the Inter-American Development Bank (IDB), the International Monetary Fund (IMF) and the World Bank Group. It was decided at a meeting convened in April 2022 by Secretary Yellen on “Tackling Food Insecurity – The Challenge and Call to Action.”
In its comprehensive, streamlined solution, the World Bank suggested allocating $30 billion to tackle the globe’s hunger stemming from the food crisis. This would comprise $12 billion towards new projects and about $18 billion of undisbursed balance in the existing portfolio of projects linked to food and nutrition security.