Food security initiative expects more than $3B private sector investment

This maize seed was developed and registered for sale in Tanzania through the International Maize and Wheat Improvement Center and Tanzanian seed company Tanseed International Limited, one of the 45 companies that will participate in a new global alliance for food security and nutrition. Photo by: CIMMYT

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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About the author

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    Jenny Lei Ravelo

    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.

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