Five nations to get $224 mln to boost food output
June 24, 2010 5:35 AM EST
The U.S. Treasury Department said on Wednesday that five developing countries will get grants totaling $224 million from a new fund set up to reduce global hunger and poverty.
The Global Agriculture and Food Security Program was launched in April 2010 in response to a call from Group of 20 leaders in Pittsburgh last year for the World Bank to find ways to set up a trust fund for donors who wanted to help.
The U.S., Canada, South Korea, Spain and the Bill & Melinda Gates Foundation put $880 million into the fund and the timing of Wednesday's announcement -- ahead of meetings this week of G8 and G20 leaders -- was intended to show a commitment to reduce food insecurity.
The first round of grants will go to Bangladesh, Haiti, Rwanda, Sierra Leone and Togo. Treasury said an estimated two million people should benefit from the funding to boost food production and reduce poverty.
Treasury said that estimates were that a sudden increase in food prices in 2008 drove some 100 million people into poverty
and, even before that price spike, 850 million people in poor countries were chronically malnourished.
Join the Conversation
- Travel Alert: Australia Mulls To Review Airport Security Policy, Could Allow Scissors, Metal Cutlery Back In Planes
- 5 Likely Reasons Why You Are Not Getting Hired
- This Is How Obesity Weighs Down Global Economy By 2 Trillion Dollars Every Year
- Consumer Alert: Retailer Simons Goes Out Of Quebec, To Open Five Stores Across Canada
- Signs That You Are A Smartphone Zombie (And The Dangers This Poses)
- Russia Is Ready for Shooting War, Will Likely Win Looming Nuclear Showdown with U.S. – Report
- Kobani ISIS Fighter Sends Out Desperate Message For Prayers And Support: Euphoria Turns Into Desperation As Kurds Advance
- Home Depot Early Black Friday 2014 Sale Up To Nov. 29, 2014 Includes Special Buys On Appliances Such As Samsung Refrigerators, Whirlpool Electric Ranges And Hoover Vacuum Cleaners
- Microsoft Band Runs Out Of Stock, But Offers $10 Gift Voucher To Wait-Listed Customers
- ISIS War: US Airstrikes Lead to Growing ISIS Support In Syria; Russia Questions Coalition's Policies
- Google Joins Forces with GoPro Inc with New Google Maps Focusing on Destination
- Target Early Black Friday 2014 Sale Ad Released For Nov. 26, 2014 Includes Deals On Toys, HDTVs And Video Games Such As ‘FIFA 15’ And ‘NHL 15’ For Xbox 360 [WATCH VIDEO]