The World Bank has unveiled a new initiative, AgriConnect, aimed at boosting global food production and creating jobs, particularly in developing countries.
The announcement was made in a statement issued during the ongoing Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Washington on Tuesday.
According to the Bank, AgriConnect seeks to transform smallholder farming, which produces most of the world’s food, but still leaves millions of farmers in poverty due to limited access to finance, markets, and technology.
“Supporting them to become commercially successful is critical to creating jobs, reducing poverty, and improving global food security,” the statement said.
The World Bank noted that 1.2 billion young people are expected to enter the workforce in developing countries over the next decade, even as the world’s food demand is projected to rise by 30 per cent by 2050.
To meet this growing demand, the Bank plans to double its annual investment in agribusiness to $9 billion, positioning agriculture as a key driver of opportunity and prosperity.
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Under the AgriConnect framework, the Bank will focus on improving agricultural infrastructure, digital access, irrigation, and road networks. It will also strengthen government policies to attract private investment and expand financing across the agricultural value chain.
“Our goal is to create an ecosystem of growth that transforms agriculture to create more jobs, raise incomes for millions of smallholder farmers, and strengthen global food security,” the World Bank said.
