The World Bank Group has announced a significant increase in its annual agriculture financing, aiming to boost investments to $9 billion by 2030. This commitment was revealed by World Bank President Ajay Banga during the Agriculture Flagship Event at the IMF/World Bank Annual Meetings in Washington, DC.
Banga emphasized the need for governments and private sector investors to take tangible actions to address persistent challenges in global food production. “We are combining a new way of working with a new level of investment—doubling our agri-finance and agribusiness commitments to $9 billion annually by 2030,” Banga stated.
The World Bank’s various arms, including the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), will focus on public sector capacity building. Meanwhile, the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) will provide financing and access for the private sector. Banga also set a goal of mobilizing an additional $5 billion by 2030 to drive meaningful change in collaboration with business and government partners.
Despite longstanding recognition of agriculture’s role in food security, growth, and employment, Banga acknowledged ongoing challenges in water scarcity, fertilizers, infrastructure, and financing. However, he noted that four emerging shifts—such as climate-smart agriculture and integrating agribusiness with large food companies—make this an opportune moment for a new strategic approach.
The World Bank’s renewed focus aims to build a comprehensive ecosystem for agribusiness, with smallholder farmers and producer organizations at the heart of this transformation.