World Bank Set to Double Agriculture Funding to $9 Billion
- Global lender commits to double annual funding by 2030
- Climate risks, new financing tools spur strategy shift: Banga
Workers walk through a grapefruit orchard outside Hoedspruit, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
The World Bank is set to double farming investments as it seeks to transform the agriculture sector amid climate risks and emerging job gaps in the developing world.
The Washington-based lender will increase its agricultural finance and agribusiness commitments to $9 billion a year by the end of the decade, said President Ajay Banga. It also wants to mobilize businesses to increase investments to $5 billion in 2030, according to a speech prepared for an event in Washington Wednesday.