The United States is expected to ask Group of Eight member nations to commit $15 billion toward agricultural development projects in an effort to improve food security, Reuters reports in advance of the G-8 summit this week in Italy.
The Obama administration is willing to pledge up to $4 billion to the effort in the coming years, Reuters cites an unreleased draft declaration prepared by U.S. officials. G-8 partners would make up the remaining $11 billion.
"The funds … would be earmarked for investment in low income countries to implement agriculture development strategies, to finance agricultural infrastructure, land and water management, risk mitigation actions," the declaration said.
The money would be kept in a trust fund and be managed by the World Bank.
It is not clear whether other member nations will support the plan. The European Union on Monday pledged an extra $1 billion per year; Reuters cites E.U. officials who believe a new trust fund would not be the proper mechanism for delivering food aid.
Such a trust fund would mark a significant shift from how the United States now doles out food aid. So far, food grown domestically is being shipped to countries in need. The trust fund would shift the burden of food production on to the nations in need.
Also in advance of the summit, Great Britain vowed not to cut foreign aid amid recent economic turmoil, and is expected to urge other member nations to honor existing commitments, according to Reuters.
Some G-8 member nations have cut back on giving in the wake of recent economic news. Italy, for instance, has cut aid to Africa since 2005.
Development is expected to be a key theme of the three-day meeting, which begins July 8. For the first time, African officials are expected to join representatives from industrialized nations on the gathering's final day.
