Washington: AgriConnect, a flagship initiative by the World Bank, is set to assist smallholder farmers in transitioning from subsistence farming to producing a surplus.
According to News Agency of Nigeria, World Bank Group President Ajay Banga made these remarks during the annual meetings of the group held in Washington. Banga emphasized the initiative’s aim to build an ecosystem around cooperatives, which will integrate financing for farmers and SMEs, link producers to markets, and utilize digital tools, including artificial intelligence.
The initiative is supported by a commitment to double financing to $9 billion annually, with an additional mobilization of $5 billion. Banga also mentioned the group’s efforts in finalizing a minerals and mining strategy to assist countries in moving beyond raw extraction to processing and regional manufacturing, thereby retaining more value and employment opportunities locally. The strategy is expected to be shared in the coming months.
Banga explained that the approach begins with a single Country Partnership Framework developed with each country’s leadership and subject matter experts from the World Bank Group. These frameworks are long-term strategic plans that focus the capacities of relevant institutions within the group on a set of priorities tailored to each country’s specific needs and ambitions.
In different countries, priorities might include creating end-to-end mineral value chains, developing tourism rooted in nature and culture, strengthening health systems, or enhancing agribusiness ecosystems to uplift smallholder farmers. Despite the tailored paths, shared fundamentals include building infrastructure, establishing clear and predictable rules, and supporting private investment.
Banga highlighted the importance of unlocking the private sector’s full potential to tackle the most challenging issues, which involves breaking down investment barriers and creating favorable conditions for private capital to contribute to development impact. The group is advancing its roadmap by implementing tools and solutions recommended by the Private Sector Investment Lab across the institution.