The World Bank says it has initiated moves to improve global food production and employment generation through its AgriConnect initiative.
The World Bank disclosed this in a release at the ongoing annual meetings of the International Monetary Fund/World Bank Group in Washington on Tuesday.
The release described AgriConnect as an initiative to transform smallholder farming, create jobs, and strengthen global food security.
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“Five hundred million smallholder farmers produce most of the world’s food, yet many remain in poverty, relying on traditional methods and lacking access to markets, finance, and technology.
“Supporting them to become commercially successful is critical to creating jobs, reducing poverty, and improving global food security.
“Over the next decade, 1.2 billion young people will enter the workforce in developing countries.
“At the same time, the world will need 30 percent more food by 2050. Meeting this demand requires transforming agriculture into a driver of opportunity,” it said.
The apex global financial institution pledged to double its yearly investment in agribusiness to $9 billion.
It said that agribusiness was one of the most powerful tools to feed 10 billion people and end poverty and unemployment.
It listed the necessary steps to include improving infrastructure, supporting government policies, and mobilising private capital.
“Our goal is to create an ecosystem of growth that transforms agriculture to create more jobs, raise incomes for millions of smallholder farmers, and improve global food security.
“This is by improving infrastructure, access to digital technologies, irrigation, roads, skills, and other basics so businesses can thrive.
“We will support government policies by strengthening policies to attract private investment and lower risks, helping local businesses grow.
“We will also mobilise private capital, expand access to financing across the agri-value chain so smallholders and businesses can succeed,” it said.
