The US Treasury, along with several global development banks, have unveiled a multibillion-dollar plan aimed at addressing the global food security crisis exacerbated by the war in Ukraine, AP reported.
Ahead of the G7 finance ministers' meeting, the Treasury Department announced that several global development banks are "working swiftly to provide funding, policy participation, technical assistance" to avert war-induced famine, rising food prices and climate change.
Tens of billions will be spent to support farmers, address the fertilizer supply crisis, and reclaim land for food production, among other things.
According to the US Treasury Department, the Asian Development Bank will provide funds to provide food to Afghanistan and Sri Lanka, while the African Development Bank will send $1.5 billion to help 20 million African farmers.
The European Bank for Reconstruction and Development, the Inter-American Development Bank, the International Fund for Agricultural Development and the World Bank will also contribute tens of billions of dollars in the coming months and years to support food producers and address supply shortages.
The plan is based on a meeting convened by US Treasury Secretary Janet Yellen in April at the International Monetary Fund-World Bank spring meetings, where she urged powerful nations to look for concrete ways to deal with the looming crisis of food insecurity around the world.
Russia and Ukraine produce a third of the world's wheat, and the loss of goods due to the war has led to a sharp increase in food prices and uncertainty about the future of food security around the world, especially in poor countries.
As part of efforts to address the crisis, Secretary of State Anthony Blinken will be holding meetings in New York on the sidelines of the United Nations over the next two days to focus on food insecurity.