Correct Answer : International Finance Corporation (IFC)
The International Finance Corporation (IFC), the private sector investment arm of the World Bank, has introduced a new, $6 billion funding facility to boost the private sector’s capacity to respond to the Global Food crisis and aid in food production in response to mounting food insecurity.
Rising levels of hunger and malnutrition (Global Food Crisis) have already been made worse by climate change and increasingly extreme weather events that are destroying harvests and lowering yields. The conflict in Ukraine and an unequal worldwide recovery from the COVID-19 pandemic have exacerbated to this trend.
Financing Platform Launched by IFC Important Points :
* A significant portion of the funding of Financing Platform Launched by IFC (International Finance Corporation), which will be offered through the new Global Food Security Platform, will assist the delivery of food stocks to nations with food instability and sustainable production of those stocks.
* Additionally, long-term initiatives to strengthen the global food system’s resilience and reduce its ecological and climatic impact will be the main focus of Financing Platform Launched by IFC (International Finance Corporation).
* This Financing Platform Launched by IFC (International Finance Corporation) entails making investments to increase crop production that is more efficient, to increase access to fertilisers, to make fertiliser production and use more environmentally friendly, to decrease crop loss and food waste, to boost supply chain effectiveness, and to alleviate infrastructure bottlenecks.
Financing Platform Launched by IFC Counter measure for Global Food Crisis : Using the $6 billion and IFC (International Finance Corporation)’s sectoral experience in agribusiness, manufacturing, infrastructure, technology, the financial industry, and trade financing, private sector businesses along the food value chain will be supported.
* The Financing Platform Launched by IFC (International Finance Corporation) will add to the World Bank ‘s $30 billion pledge to address the food crisis.
* In order to organise group action to address concerns with global food security, IFC (International Finance Corporation) is also boosting up interactions with other partners, including development finance organisations, foundations, banks, as well as a variety of private firms..
Source : Mint
