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09/10/22 08:34 AM IST

IFC launches financing platform to respond to global food crisis

In News 
  • Responding to rising food insecurity, World Bank’s private sector investment arm, the International Finance Corp. (IFC) has launched a new, $6 billion financing facility to strengthen private sector’s ability to respond to the crisis and help support food production.
About the platform 
  • The World Bank’s private sector arm, IFC, launched the Global Food Security Platform to address global food crisis.
  • This 6 billion USD financing facility will help boost the flow the vital goods and services, including the uninterrupted trade flow of food supplies and other important commodities like fertilizers to vulnerable communities.
  • It is part of the World Bank’s on-going 30 billion USD initiative that was launched to reduce food insecurity.
  • The Global Food Security Platform will also help private entities to make new and long-term investment on local food systems in emerging markets to make them more diversified, sustainable and productive.
  • The platform aims to reduce the food volatility through emergency funding to farmers, food and feed processors, commodity traders, and other stakeholders witnessing funding constraints because of sudden inflation.
  • It will also assist war-torn Ukraine to restore crop production, food storage, food processing and logistics.
  • The issue of gender gaps will also be addressed since they limit global food production and curtail job opportunities for women.
Source- LiveMint 

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