Drawing on the World Bank Group (WBG)'s experience in supporting agricultural growth in the past decade, the report points to areas where increased funding can translate into higher impact. Agricultural growth remains central to poverty reduction, as one billion people worldwide continue living in extreme poverty, many in rural areas. In addition, the challenges posed by the global food crisis are likely to grow due to the expected doubling of worldwide food demand by 2050.
In the 1990s, waning donor and government interest led to a decline in agriculture support by the WBG. This was reversed in the mid-2000s with the food crisis and the increasing recognition of the importance of agricultural productivity to growth and poverty reduction. From fiscal years 1998 to 2008, the WBG provided $23.7 billion in financing for agriculture and agribusiness activities in 108 countries, 28 of which were in Sub-Saharan Africa. An additional $5.4 billion was committed by the WBG in 2009, as support to the sector was scaled up. World Bank and IFC also provided non-lending services to their clients, and the Bank supported several global and regional programmes in the sector.
