World Bank doubles agribusiness commitment to $9B annually

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - The World Bank Group announced Wednesday it is doubling its agri-finance and agribusiness commitments to $9 billion annually by 2030 to create a comprehensive ecosystem for the industry.

The target will focus on four areas that reshape the agribusiness landscape -- climate change, innovations in finance, digitalization and solutions to fragmentation.

The financial institution expects global food demand to increase by 60% in the coming decades, while its financial commitment aims to respond to critical jobs in emerging markets.

"We stand at a crossroads, and the path we choose today will determine the future,” World Bank Group President Ajay Banga said in a statement.

"The World Bank’s ecosystem approach moves us beyond fragmented efforts to a constellation of solutions that includes everything from warehousing to logistics to production, but with smallholder farmers and producer organizations at the center," he added.