Major international donors launched on Aprill 22 a global trust fund for small-scale farmers in developing countries. The fund was proposed by G-20 leaders in 2009 to help some of the world’s poorest farmers cope with the effects of the global financial crisis. It aims to provide assistance to developing countries with promising agricultural strategies, Dow Jones reports.
The Global Agriculture and Food Security Program will have an initial fund of $900 million contributed by various donor countries and organizations. The sum comprises $230 million from Canada, $95 million from Spain, $50 million from Korea and $30 million from the Bill & Melinda Gates Foundation.
The U.S. contributed an initial $67 million for the fund. President Barack Obama requested another $408 million for the fund in its 2011 budget proposal. The money will be available on Oct. 1 if approved by Congress, The New York Times reports.
The World Bank, which will manage the fund, will be responsible for choosing which projects to finance, in cooperation with the International Fund for Agricultural Development and African Development Bank.