Ahead of the G7 finance ministers' meetings, the U.S. Treasury, several global development banks and other groups unveiled a multi-billion dollar plan meant to address a worldwide food security crisis exacerbated by Russia's war in Ukraine.
Treasury announced Wednesday that several global development banks are “working swiftly to bring to bear their financing, policy engagement, technical assistance” to prevent starvation prompted by the war, rising food costs and climate damage to crops.
Tens of billions will be spent on supporting farmers, addressing the fertilizer supply crisis, and developing land for food production, among other issues.
The Asian Development Bank will contribute funds to feeding Afghanistan and Sri Lanka and the African Development bank will use $1.5 billion to assist 20 million African farmers, according to Treasury.
The European Bank for Reconstruction and Development, the Inter-American Development Bank, the International Fund for Agricultural Development and the World Bank will also contribute tens of billions in the coming months and years to support food producers and address supply shortage issues
The plan stems from a meeting that Yellen convened in April at the International Monetary Fund and World Bank spring meetings, where she called on powerful nations to look for specific ways to combat a looming crisis over food insecurity around the globe that Russia’s war in Ukraine has made even worse.
The announcement comes as G-7 finance ministers are preparing for meetings later this week.
