The New Nation - Internet Edition

UNB, Dhaka

The World Bank Group has announced that it would support global efforts to overcome the global food crisis with a new US$1.2 billion rapid financing facility to address immediate needs, including $200 million in grants targeted at the vulnerable in the world's poorest countries.

It would boost overall support for global agriculture and food to US$6 billion next year, up from $4 billion, and would launch risk management tools, and crop insurance to protect poor countries and small-holders, said a press release here on Sunday.

The US$1.2 billion facility, designed to address immediate needs, will support safety net programs such as food for work, conditional cash transfers, and school feeding programs for the most vulnerable.

It will provide support for food production - this year and beyond - by supplying seeds and fertilizer, improving irrigation for small-scale farmers, and providing budget support to offset tariff reductions for food and other unexpected costs.

The grants for Djibouti ($5 million), Haiti ($10 million), and Liberia ($10 million) are being approved while over the coming month, the World Bank is expected to provide grant support to Togo, Yemen and Tajikistan.