The European Bank for Reconstruction and Development plans to allocate €500 million for food security, of which €200 million for Ukraine and €300 million for neighboring countries. The World Bank has also announced $30 billion to address the food security crisis caused by russia's war against Ukraine. 12 billion is earmarked for new projects and 18 - for existing ones, which are related to food and nutrition, writes Reuters, citing a statement from the bank.
"Food price increases are having devastating effects on the poorest and most vulnerable. To inform and stabilize markets, it is critical that countries make clear statements now of future output increases in response to russia's invasion of Ukraine," said World Bank President David Malpass.
The new projects will support agriculture and social protection to mitigate rising food prices, as well as water and irrigation.
The new projects are expected to support agriculture, social protection to cushion the effects of higher food prices on the poor, and water and irrigation projects. The majority of resources going to Africa and the Middle East, Eastern Europe and Central Asia, and South Asia. These areas are among the hardest hit by the impact of the war in Ukraine on grain supplies. Countries such as Egypt are highly dependent on Ukrainian and russian wheat and are scrambling for supplies as russia has blockaded Ukraine's agricultural exports from Black Sea ports and has imposed domestic export restrictions.
The International Monetary Fund will provide financing support through its normal channels.
The russians are blocking Ukrainian ports to hinder crop exports. In addition, they fire at elevators, deliberately destroying grain.