IFC’s Global Food Security Platform

October 8, 2022

International Finance Corp. (IFC) has launched Global Food Security Platform to strengthen the private sector’s ability to respond to food crisis and boost food production.

Key facts

The World Bank’s private sector arm, IFC, launched the Global Food Security Platform to address global food crisis.
This 6 billion USD financing facility will help boost the flow the vital goods and services, including the uninterrupted trade flow of food supplies and other important commodities like fertilizers to vulnerable communities.
It is part of the World Bank’s on-going 30 billion USD initiative that was launched to reduce food insecurity.
The Global Food Security Platform will also help private entities to make new and long-term investment on local food systems in emerging markets to make them more diversified, sustainable and productive.
The platform aims to reduce the food volatility through emergency funding to farmers, food and feed processors, commodity traders, and other stakeholders witnessing funding constraints because of sudden inflation.
It will also assist war-torn Ukraine to restore crop production, food storage, food processing and logistics.
With the Ukraine war and climate change adversely impacting the global grain supplies, the initiative will promote localized production of staple crops and increase commercial viability of traditional wheat alternatives in Africa and Asia. Efforts will be made to make these crops more productive and resilient to climate crisis.
The financial facility will boost industries that are involved in ensuring food security. These include agribusinesses, renewable energy, digital technologies, logistics, storage facilities, fertilizer trade and crop nutrition products.
The platform will be complemented by the IFC’s on-going advisory initiatives focusing on improving crop production practices, increasing the capacity of smallholders and easing access to safe and nutritious food.
The issue of gender gaps will also be addressed since they limit global food production and curtail job opportunities for women. This will be achieved by providing women with financial aid, technical assistance, capacity building and employment opportunities.

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