World Bank Group Announces Strategic Shift in Agro-Industry Sector
The World Bank Group announced on October 23, 2024, a strategic refocus in the agro-industry sector, aiming to unlock private investment, increase productivity, and strengthen climate resilience.
The goal is to double investment commitments in agro-finance and agro-industry, reaching $9 billion per year by 2030.
This initiative responds to major challenges such as climate change and a projected 60% increase in global food demand over the next few decades. Ajay Banga, President of the World Bank Group, stated: "We are at a crossroads, and the future will depend on the path we choose today."
To implement this strategy, the World Bank will improve coordination between its entities, mobilizing an additional $5 billion in private investments by 2030.
Public sector branches will help countries develop regulations and standards, while private sector branches will facilitate access to financing for small-scale farmers.
The World Bank's integrated approach will improve the productivity and resilience of small-scale farmers, while integrating them into supply chains.
Expected outcomes include increased agricultural productivity, job creation, and improved nutrition quality. This strategy is also expected to contribute to reducing greenhouse gas emissions and improving the quality of life for affected communities.
