Washington, July 07: The United States wants a G8 summit this week to commit $15 billion over a multi-year period for agricultural development in poor countries to fight food insecurity, according to a draft declaration seen by Reuters.
The declaration said Washington was ready to mobilise $3-4 billion over a multi-year period and wanted other partners to match that commitment to reach the $15 billion target.
“The funds…would be earmarked for investment in low income countries to implement agriculture development strategies, to finance agricultural infrastructure, land and water management, risk mitigation actions,” the declaration said.
It added that they would be pooled in a multi-year global agriculture and food security trust fund administered by the World Bank.
But the final paragraph of the statement left blank the total amount to be committed by its signatories, which is still the subject of negotiations.
The joint statement expressed “renewed concern for the triple impact of the economic downturn, food price volatility and under investments in agriculture on poverty and hunger”.
The statement highlights a shift from food aid donations to longer-term agricultural investments to fight poverty and hunger in developing countries.
The declaration on food security is due to be signed on the last day of the July 8-10 summit by leaders from the G8, Brazil, India, China, Mexico, South Africa, and African nations, amongst others.
Aid groups have welcomed the focus on agriculture, but caution this should not come at the expense of emergency food aid. They also urge G8 leaders to be transparent about what they would include in any amount of money committed to food security
—-Agencies