IFAD and the WB are joining forces for the financing agenda for food systems transformation
12 January 2023. IFAD and the World Bank are meeting in Rome to support the UN Food Systems Coordination Hub
Financing the transformation of food systems is a new global challenge to end hunger and poverty across the world and meet climate agreement targets. IFAD and the World Bank are joining forces to co-develop a tool that will help countries and donors measure their financing to food systems and make smart investment decisions – where is the money going, does it target the sectors and people most in needs, what are the gaps? –
IFAD and the WB are co-leading the financing agenda for food systems transformation in support of the UN Food Systems Coordination Hub. This co-leadership brings together the expertise, resources and outreach of both International Financial Institutions to drive the food financing agenda.
Financing food systems transformation is vital for SDG achievement. The United Nations Food Systems Summit called on the Global community for an ambitious financing agenda for the transformation of food systems across the world. The Summit called for a new food finance architecture with US$300-350 billion of additional investment per year and the optimization resource allocation to curb the US$12 trillion lost every year in environmental, social and economic costs because of the way food systems operate. Some members have requested analytical support and tools for effective allocation of public financing to food systems.
On 12 January 2023, IFAD and the WB are meeting with the UN food Systems Coordination Hub as well as knowledge and operational partners for the co-development of the first country budget tool for food systems transformation. It will provide governments, donors and stakeholders with much needed evidence for smart investment decisions:
· How much financing goes towards the Food System?
· To which parts of the Food System is financing going?
· Does financing target the areas and people most in need for food systems transformation? What are the gaps & needs?
For more information, contact the IFAD and WB co-leads for the Financing Agenda Food systems Transformation : Nadine Gbossa, Director Food Systems, IFAD and Christopher Brett, Agribusiness Lead, WB
Special Thanks for their contributions to Lawrence Haddad, World Bank; Madhur Gautam, WB; Safia Boly, AATI; Mohamed Manssouri, FAO; Eugenio Díaz-Bonilla, IICA; Omid Kassiri and team, Mckinsey