By Izuchukwu Mayor, Lagos
The World Bank, today, pledged to double its yearly investment in agribusiness to $9 billion, to improve global food production and employment generation through its latest AgriConnect initiative.
According to the global lender, agribusiness is one of the most powerful tools to feed 10 billion people and end poverty and unemployment.
The World Bank in a statement released at the ongoing Annual Meetings of the International Monetary Fund/World Bank Group in Washington, D.C., described AgriConnect as an initiative to transform smallholder farming, create jobs and strengthen global food security.
The statement reads in part: “Five hundred million smallholder farmers produce most of the world’s food, yet many remain in poverty, relying on traditional methods and lacking access to markets, finance, and technology.
“Supporting them to become commercially successful is critical to creating jobs, reducing poverty, and improving global food security.
“Over the next decade, 1.2 billion young people will enter the workforce in developing countries. At the same time, the world will need 30 per cent more food by 2050.”
Meeting this demand, it added, “requires transforming agriculture into a driver of opportunity.”
Our goal is to create an ecosystem of growth that transforms agriculture to create more jobs, raise incomes for millions of smallholder farmers, and improve global food security.
The Bank further identified some necessary steps to achieve its goals through improving infrastructure, supporting government policies, and mobilising private capital.
The statement continued: “Our goal is to create an ecosystem of growth that transforms agriculture to create more jobs, raise incomes for millions of smallholder farmers, and improve global food security.
“This is by improving infrastructure, access to digital technologies, irrigation, roads, skills and other basics so businesses can thrive. We will support government policies by strengthening policies to attract private investment and lower risks, helping local businesses grow.
“We will also mobilise private capital, expand access to financing across the agri-value chain so smallholders and businesses can succeed.”
