(MENAFN - Qatar News Agency) Japan pledged on Friday an additional 30 million to help boost food security in the world's poor countries, the World Bank said.
The fresh contribution, unveiled in a Tokyo forum of the World Bank, will increase financial resources at the Global Agriculture and Food Security Program, a multi-donor trust fund launched in 2010 to strengthen food security in the low-income countries. U.S.
Treasury Secretary Timothy Geithner said the United States is prepared to raise its contribution up to 475 million. Japan and South Korea responded immediately, each pledging an additional 30 million, a World Bank statement said.
Japanese Senior Vice Finance Minister Tsutomu Okubo said in a statement, "As for agricultural assistance, it is necessary to improve access to financial resources not only for the public sector but also for the private sector, including companies engaging in production, processing and distribution."
World Bank President Jim Yong Kim said in his statement, "The real tragedy of volatile food prices is that short-term price spikes have damaging long-term consequences for the world's poor and most valuable."
"Lasting solutions require sustained commitment, coordination and vigilance from the international community," he added.