As global hunger rises as a result of the coronavirus epidemic, the UN’s agricultural funding agency announced on Tuesday that it is partnering with public development banks to alter food systems.
In a statement, Gilbert Houngbo, the chairman of the Rome-based International Fund for Agricultural Development (IFAD), said, “This could be a game-changer”.
He stated that revolutionizing the system to help the world’s most disadvantaged people will require significant investments, possibly as much as $350 billion each year over the next decade, according to some estimates.
The initiative’s goal, according to Houngbo, was to promote sustainable agriculture, encourage fair pay, and ensure universal access to food ahead of the UN meeting in September in New York.
The alliance will include “research institutes, the private sector, and civil society,” according to IFAD and its partners, the French development bank (AFD), and Italy’s Cassa Depositi e Prestiti (CDP).
They will be urged to encourage PDBs to increase their funding for social and environmental investments, as well as to support rural small-scale producers in some of the world’s poorest countries.
The UN recently stated that the aim of eliminating hunger and malnutrition in the globe by 2030 was looking out of reach even before the epidemic and that the coronavirus had significantly worsened the situation.
According to the Globe Food Programme, there are currently over 810 million chronically hungry people in the world, up from 690 million in 2019.