IFC launches financing platform to respond to global food crisis

The war in Ukraine and an uneven global recovery from the pandemic have added to rising levels of hunger and malnourishment, which already have been worsened by climate change and increasingly severe weather events that are damaging harvests.

A core part of the financing, which will be provided through the new Global Food Security Platform, will support sustainable production and delivery of food stocks to countries affected by food instability. Support will be aimed at facilitating trade of food commodities, delivery of inputs to farmers, supporting efficient production in major origins, including Ukraine, and effective distribution of food products.

Financing will also focus on long-term actions to improve the resilience of the global food system and lessen its climate and ecological footprint. This includes investing in increasing efficient crop production, improving access to fertilisers, greening fertiliser production and use, reducing crop loss and food waste, improving supply chain efficiency, and mitigating infrastructure bottlenecks.

The $6 billion will be used to support private sector companies along the food value chain by leveraging IFC's sectoral expertise in agribusiness, manufacturing, infrastructure, and technology, as well as the financial sector and trade finance.

"The private sector has an essential role to play in alleviating food insecurity and in creating lasting solutions. By strengthening supply chains and ensuring that people have access to and can grow affordable food, this initiative will contribute to building resilient food systems in the most vulnerable regions," said IFC's managing director Makhtar Diop.

The platform will supplement the World Bank's commitment of $30 billion in response to the food crisis. IFC is also stepping up engagements with other partners, including development finance institutions, foundations, banks as well as a range of private companies, in order to mobilise collective action to address global food security challenges.

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