The World Bank announced plans to double its annual agricultural investment to $9 billion by 2030, focusing on boosting global food production and addressing challenges such as water scarcity and financing. Speaking at the Annual IMF/World Bank meetings on Wednesday, President Ajay Banga highlighted the importance of scaling up efforts to enhance productivity and infrastructure in agriculture.
“We’ve examined the challenges from every angle — increasing food production, boosting productivity, and resolving issues around water scarcity, fertilizers, infrastructure, and financing,” Banga said. He noted that the bank is adopting a new approach to investment, integrating climate finance and risk-mitigation tools to attract private capital and expand funding for the sector.
Advances in digitalization will also help connect farmers with buyers and financial services, enhancing the impact of these investments.
