In news– World Bank’s private sector investment arm, the International Finance Corp. (IFC) has launched its Global Food Security Platform to respond to the food security crisis.
About the platform-
- It is a $6 billion financing facility to strengthen the private sector’s ability to respond to the crisis and help support food production.
- IFC’s Global Food Security Platform is part of the World Bank Group’s ongoing $30 billion initiative to reduce food insecurity during the 2023.
- IFC’s public and private sector interventions are implemented in close coordination with the World Bank and MIGA.
- The platform seeks to reduce volatility in food markets through emergency financing to farmers, commodity traders, food and feed processors, and other private players that face restricted funding and sudden spikes in costs that are limiting their operations.
- IFC will also boost its provision of working capital and longer-term financing to clients in Ukraine, where it aims to restore crop production and the country’s capacity for food storage, processing, and logistics.
- It will also finance continued trade flows of vital food supplies to populations in need, increase the availability of fertilizers and other critical supplies for farmers in vulnerable regions, and help private companies make new investments in longer-term solutions to the hunger crisis–with a focus on making local food systems in emerging markets more diversified, sustainable, and productive.
The International Finance Corporation-
- It is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.
- The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.
Source: Live mint
