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IFC to invest $75 mn in agri business to increase food supply

IFC to invest $75 mn in agri business to increase food supply
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First Published: Fri, Feb 13 2009. 05 16 PM IST
Updated: Fri, Feb 13 2009. 05 16 PM IST
By PTI
New Delhi: International Finance Corporation, an arm of the World Bank Group, today said it will invest $75 million to help set up a fund for supporting farming and food production.
IFC has teamed up with UK-based Altima Partners Llp, which manages $625 million Altima One World Agriculture Fund, to help set up a fund that would support farming and food production in emerging markets to increase global food supply.
The new fund -- Altima One World Agriculture Development Fund would invest in agricultural production land and farm operators and would help in improving farm productivity in emerging markets by implementing modern technology.
“Increasing agricultural productivity in a sustainable way is central to expanding global food production,” IFC director for Global Agribusiness Oscar Chemerinski said.
By investing in the Altima fund, IFC is leveraging its resources to stimulate growth in agricultural production in emerging markets, IFC said.
“We are confident that our combined strengths will be a force for positive change in the agriculture sector and will benefit communities around the world,” Altima Partners partner Joseph Carvin said.
The current financial crisis has negatively affected the availability of financing and has increased the cost of credit.
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First Published: Fri, Feb 13 2009. 05 16 PM IST