G20 asks World Bank to create agriculture fund
PITTSBURGH (Reuters) - The Group of 20 has called on the World Bank to work with donor agencies to create a multilateral trust fund to increase agricultural investment in poor countries, a draft G20 communique said on Friday.
In July, countries pledged $20 billion over several years to increase investment in agriculture in the world's poorest countries to bolster food security following record high food prices last year.
The G20, holding a summit in Pittsburgh, also called for a review of the capital needs of the World Bank and regional development banks by the first half of 2010, according to the draft obtained by Reuters.
The poverty-fighting institutions have significantly ramped up their lending to poor countries since last year to help them weather the global economic downturn. The heads of the banks have said they will require new capital from rich nations if demand for their loans continues at the current pace.
(Reporting by Lesley Wroughton, Editing by Frances Kerry)
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