By BUUMBA CHIMBULU
THE World Bank Group has unveiled an ambitious overhaul of its agriculture strategy, pledging to double its annual agribusiness commitments to US$9 billion by 2030.
This is in a bid to transform global food systems and tackle mounting employment challenges in developing nations.
Group president, Ajay Banga outlined a comprehensive ecosystem approach that marks a decisive shift from the institution’s traditionally fragmented efforts in agricultural development.
“We cannot predetermine these interventions universally,” Mr Banga told delegates, admitting the complexity of agricultural markets at the World Bank annual meetings in Washington.
“But with a World Bank Group ecosystem approach, we will be able to identify and address any number of barriers to build opportunity.”
The strategic pivot came as developing nations face a looming employment crisis, with nearly 800 million young people projected to enter the workforce without job prospects over the next decade.
The bank sees agriculture modernisation as key to addressing this challenge while simultaneously tackling food security concerns.
Central to the new strategy was leveraging emerging opportunities in climate finance – a sector where agriculture currently received just four percent of global funding despite its significant environmental impact.
The bank aims to mobilise an additional US$5 billion annually by 2030 through innovative financing mechanisms and private sector partnerships.
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