Kampala — World Bank is providing over $6.4bn in support of programmes aimed at solving the crisis in several countries.

A statement issued by the World Bank office in Kampala revealed that last week global food prices remain high and volatile which has affected the poorest countries including member states of the East African Community (EAC) most. The bank has already provided $1.88b to save lives, improve social protection, and foster economic recovery and drought resilience in the Horn of Africa where more than 13 million people are affected by the crisis.

The statement said that the bank has also developed a risk management product, provided by the International Finance Corporation (IFC) that will enable up to $4b in protection from volatile food prices for farmers, food producers, and consumers in developing countries.

"The global food crisis response program (GFRP) is helping some 40 million people through $1.5 billion in support while the group is also boosting its spending on agriculture to some $6 to $8 billion a year from $4.1 billion in 2008," added the statement.

It said that the bank is also supporting the global agriculture and food security program (GAFSP), set up in April 2010 at G-20's request, to assist country-led agriculture and food security plans and help promote investments in smallholder farmers in which six countries and the Gates Foundation have already pledged about $971.5 million over the next three years with $571 m received.