World Bank Group Launches Major Initiative to Combat Poverty and Hunger

The World Bank Group’s new initiative reflects a robust commitment to alleviating poverty and hunger while fostering resilience and empowerment.

The World Bank Group has announced a sweeping new initiative designed to tackle urgent issues of poverty and hunger while enhancing resilience and promoting empowerment for women and girls. This comprehensive plan aims to support millions globally, with a focus on scaling up social protection, generating hunger solutions, and providing critical insights for policymakers.

Key Components of the Initiative:

Scaling Up Social Protection:

Objective: Support at least 500 million people in developing countries by 2030, with a focus on women and girls.

Approach: Implement innovative cash transfer systems to ensure resources are delivered directly to those in need, while combating corruption and inefficiencies.

G20 Global Alliance Against Hunger and Poverty:

Role: The World Bank Group will serve as the lead knowledge partner.

Goals: Develop and share hunger solutions and coordinate knowledge exchange, working alongside Brazil, which established the Global Alliance.

New Diagnostics:

Purpose: Provide detailed insights on hunger, poverty, and social protection coverage by country.

Benefit: Help governments make informed policy decisions to better address these critical issues.

Statements from World Bank Leadership:

Ajay Banga, World Bank Group President: “Hunger and poverty are intertwined. We need to tackle both aggressively. Our social protection programs are designed to provide meals, protect livelihoods, and support basic health services and education. Achieving these goals will require strong collaboration and knowledge sharing through initiatives like the Global Alliance.”

IDA’s Role:

International Development Association (IDA): Will offer financing to countries for policies addressing hunger and poverty. IDA remains a primary source of grant and concessional funding for these efforts.

Current Situation:

Global Hunger: According to recent data from FAO, IFAD, UNICEF, WFP, and WHO, over 700 million people worldwide face hunger.

World Bank’s Approach: Tailor interventions based on specific country needs, using a mix of social protection programs, including basic income support, seed capital access, and training.

Additional Efforts:

Addressing Climate Impacts: Leverage social protection to mitigate adverse climate effects and advance gender equality.

Knowledge Sharing: The World Bank Knowledge Academy will work with countries to disseminate evidence-based solutions and strategies.

The World Bank Group’s new initiative reflects a robust commitment to alleviating poverty and hunger while fostering resilience and empowerment. The ambitious goals and collaborative efforts are designed to drive substantial improvements in living conditions and offer hope for a more equitable and sustainable future.