U.S. President Barack Obama is set to unveil a new alliance that promises to increase private sector investment in agriculture Friday (May 18), hours before the much-anticipated G-8 summit starts.
Forty-five companies are expected to comprise The New Alliance for Food Security and Nutrition, The New York Times reports. These companies are involved in different sectors and are expected to invest up to $3.5 billion in the new food security initiative G-8 leaders are set to discuss at the summit.
U.S. Agency for International Development Administrator Rajiv Shah said the new initiative is expected to lift several investment barriers, including restrictive government policies, corruption and lack of collateral registries, The Washington Post reports.
Food security is the only development topic on the G-8 agenda.
Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.
About the author
Jenny Lei Ravelo@JennyLeiRavelo
Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.
