Global Banks Reveal Multi-Billion-Dollar Plan To Combat Food Insecurity

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The US Treasury and several global development banks unveiled a multi-billion-dollar plan Wednesday (May 18) that aims to address the food insecurity crisis happening around the world. The issue, experts say, has worsened as global conflict, including Russia's deadly invasion of Ukraine, continues.

The banks are "working swiftly to bring to bear their financing, policy, engagement, technical assistance" to prevent starvation in areas impacted by the war, the US Treasury Department said. The plan is also seeking to bring relief to the food supply following climate change-related damage to crops.

According to ABC News, the funds will go to provide support to farmers, address fertilizer shortages, and develop land for food production. The Asian Development Bank is funding food in Sri Lanka and Afghanistan while the African Development Bank pledged $1.5 billion to support 20 million farmers, the Treasury said.

The Department also reported that 193 million people experienced food insecurity in 2021 –– that's 40 million more people than in 2020. An estimated 40 million additional are projected to experience food insecurity caused by poverty by the end of 2022, the Treasury said.

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