A new initiative that will enhance global food security and improve the livelihoods of developing country farmers through prizes and other market-based incentives,was announced during the last G20 Leaders Summit in Mexico.
The project is in line with the New Alliance launched by the G8 leaders during the summit in Camp David.
With a results-driven funding model that rewards innovators for tackling some of the biggest problems in food security and agricultural development, the proposal addresses global challenges in food security and agriculture by generating market-oriented solutions.
The initiative aims to achieve significant improvements in the wellbeing of the poor and vulnerable in developing countries with a fund of up to $100 million (€804 million), to be administered by the World Bank.
The project uses pull mechanisms to encourage innovation through results-based payments such as prizes that are typically paid out when certain objectives or milestones have been met.
The Food and Agriculture Organization (FAO) estimates that world food production must double by 2050 to feed a growing world population, while nearly a billion people suffer from a lack of crucial micronutrients in their diet-a hidden hunger that inhibits the development of children and reduces adult productivity.
Recognizing these gaps, leaders at the G20 Summit committed to exploring innovative ways of harnessing private sector innovations in food security and agricultural development in developing countries. This commitment culminating in the launch of the initiative in support of the Summit priority of enhancing global food security.
In the coming years will be launched a series of pilots that address some of the biggest problems in global food security and agricultural development. The initiative’s portfolio of pilots will represent a diverse mix of agriculture and food security issues, testing different types of pull mechanisms in different regions globally. The initial set of pilots will be focusing on maize production in Sub-Saharan Africa.