World Bank ups funds to fight food crisis
May 30, 2008
by Eric Schroeder
WASHINGTON — The World Bank Group announced it has launched a $1.2 billion fast-track facility designed to address immediate needs brought on by rising food and fuel costs. In addition, the World Bank said it would raise its overall support for global agriculture and food to $6 billion next year, up from $4 billion, and would launch risk-management tools and crop insurance to protect poor countries. As part of the initiative, the World Bank on May 29 approved $10 million grants for both Haiti and Liberia, as well as a $5 million grant for Djibouti. The announcement comes ahead of a world food summit in Rome on June 3-5.