6 May 2008
Windhoek — WORLD Bank President Robert Zoellick says due to the sharp increase of global food prices the bank would help countries in sub-Saharan Africa with more loans for agriculture.
According to a statement issued by the World Bank offices in Nairobi the bank will assist these countries to boost productivity throughout the agricultural value chain and help small farmers to break the cycle of poverty.
Zoellick said the bank will also double its lending rates for agriculture in Africa, from US$450 million to US$800 million, and help the countries and farmers in the region manage risks such as drought.
"We can offer access to technology and science to boost yields.
Through the International Finance Corporation (IFC)," Zoellick said.
The bank estimates that doubling of food prices over the last 3 years could potentially push 100 million people in low income countries deeper into poverty and predicts that the problem is here to stay.
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