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.
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