Washington DC, 11 August 2022 (TDI): The World Bank ratified a US $300 Million loan to the countrified communities in Bolivia assisting approximately 130,000 families.
The funding will help the nation implement climatic agricultural methods, improve free trade and crop yields, and counter food insecurity.
A new $300 million loan from the @WorldBank will benefit nearly 130,000 rural producers’ families in #Bolivia 🇧🇴 to increase their #FoodSecurity and access to markets while developing resilient climate-smart agriculture. https://t.co/G7hHrb5lXj
— World Bank (@WorldBank) August 10, 2022
The Innovation for Resilient Food Systems (Rural Alliances – PAR III) Project, will lessen susceptibility to both limited and long-term malnutrition.
Primarily benefiting at least 1,000 rural community associations, by integrating technology into farmlands and providing instruction, small-scale spending in facilities, service, and sustenance may be boosted.
Furthermore, 1,270 rural producer organizations will create beneficial coalitions making it convenient to join revenue streams with business partners.
Besides, they will be exposed to organizations offering tech support to help them get better, more balanced access to markets, technology, and organizational abilities.
A total of 290 supplementary functional construction projects will also be implemented as part of PAR III.
Marianne Fay, World Bank Director for Bolivia, Chile, Ecuador, and Peru, stated that High inflation affecting food and energy prices, the impact of COVID-19, and climate change are having an impact on rural producer households, pushing more people into extreme poverty and hindering the fight against hunger and global malnutrition.
The Director further said that for this reason, in Bolivia and several other countries in the region, the World Bank supports investment in climate-resilient agriculture, the promotion of sustainable food production, and the transformation of food systems.
She added, “Agriculture is a key sector for the Bolivian economy, with significant potential to reduce rural poverty and dependence on extractive sectors.”
WB’s Former Projects
The Rural Alliances Project (PAR), which has been ongoing for more than 16 years, as well as the Community Investment in Rural Areas Project (PICAR), are two examples of how the World Bank has consistently backed infrastructure projects in Bolivia (through PICAR).
Such initiatives have considerably increased Rural Producer Groups’ capacity for production and exposure to markets, as well as their infrastructure investments (almost 50% of which are overseen by females), education, and mentorship.
A loan from the International Bank for Reconstruction and Development (IBRD) with a 26.5-year tenor and a 6-year sunset clause correlates to the fresh funds raised to the Plurinational State of Bolivia.
The initiative will receive funding totaling $51.2 million from rural Community Organizations (RCO), Rural Producer Organizations (RPO), urban and regional authorities, and other sourcesto counter Food Insecurity.
