The World Bank has announced a new initiative, AgriConnect, aimed at transforming smallholder farming to enhance global food security, generate employment, and reduce poverty.
The announcement was made during the ongoing Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Washington, D.C., on Tuesday.
According to the World Bank, smallholder farmers — who produce the majority of the world’s food — face persistent challenges due to outdated farming methods and limited access to markets, technology, and finance. The AgriConnect programme seeks to address these barriers by improving infrastructure, promoting favorable policy environments, and expanding access to private capital.
“Smallholder farmers are key to ending poverty and ensuring food security,” the statement noted. “Yet many of them remain trapped in cycles of low productivity and limited income. With over 1.2 billion young people expected to enter the workforce in developing countries over the next decade, and a global food demand projected to increase by 30% by 2050, agriculture must be repositioned as a viable engine for growth.”
To support this transformation, the World Bank committed to doubling its annual investment in agribusiness to $9 billion.
The AgriConnect initiative will focus on three core pillars:
- Infrastructure Development – Investing in digital technology, irrigation, rural roads, and other essential infrastructure to support farming communities and agribusinesses.
- Policy Support – Working with governments to create stable and investor-friendly policies that encourage private sector participation in agriculture.
- Access to Finance – Mobilising private capital to ensure that smallholder farmers and agri-based businesses can secure the funding needed for growth and sustainability.
“Our aim is to build a thriving agricultural ecosystem that creates jobs, raises incomes, and strengthens food systems globally,” the Bank stated.
This initiative is part of the World Bank’s broader strategy to tackle global food insecurity, especially in the wake of rising inflation, climate change, and conflict-driven disruptions to supply chains.