World Bank calls on int'l community for new approach to fight global hunger,malnutrition
A move was needed because of soaring global food and energy prices, it quoted Robert Zoellick the bank's president as saying.
Zoellick said the top priority was to give the UN World Food Program an extra 500m USD for emergency food aid.
The World Bank estimates 33 countries face potential social unrest because of rising food and energy prices.
As well as urging the US, the EU, Japan and other developed countries to provide the World Food Program with extra funds for emergency aid, the president said the new deal requires a shift towards a broader concept of food and nutrition assistance.
Funds to help build local food markets and boost agricultural productivity could create a "green revolution" for sub-Saharan Africa, he said.
Zoellick also outlined a plan to encourage sovereign wealth funds from emerging economies like China, India and Brazil to invest in Africa, in what he called a "one percent solution".
"Today, sovereign wealth funds hold an estimated three trillion USD in assets," he said.
"If the World Bank Group can help create the platforms and benchmarks, the investment of even one percent of their assets would draw 30 billion USD to African growth, development and opportunity."
Zoellick said trade was also key to lowering food prices, and that a fairer and more open trade system would encourage farmers in developing countries to expand production.
