UN welcomes $1.2 billion from WB to fight food crisis

UN Secretary-General Ban Ki-moon today welcomed $1.2 billion in funding from the World Bank to help tackle the global food crisis that has emerged in recent months.

The Secretary-General welcomes the announcement by the World Bank of a $1.2 billion rapid financing facility as an important step in providing quick support to those most affected by the current food security crisis, a spokesperson for Ban said in a statement.

According to the UN, some 860 million people are suffering from hunger and malnourishment, a situation that has been worsened by recent severe price rises for food staples such as rice and wheat.

UN agencies also forecasted in a report issued earlier this week that food prices are likely to remain high over the next decade.

Ban said today that there is a need to provide a closely coordinated and coherent response to the global food crisis in the short, medium and long term.

In Rome, starting on Tuesday, Secretary-General Ban Ki-moon will chair a three-day summit on the crisis, bringing together the heads of key UN agencies, as well as the International Monetary Fund (IMF) and the World Bank, along with many Heads of State and government.