The World Bank's International Financial Institutions Action Plan for Addressing Food Insecurity states that the World Bank has $12 billion available over the next 15 months to help countries respond to the food security crisis.

Most of the money goes to Africa and the Middle East, which will receive $6.9 billion, followed by Europe and Central Asia ($1.9 billion) and Southern Asia ($2.4 billion).

"The institution is working with countries to prepare several projects, worth $12 billion over the next 15 months to respond to the food insecurity crisis," reads the document that summarizes the main actions of each of the six multilateral banks, which are participating in this joint effort.

The projects, yet to be completed, include support for agriculture ($5.2 billion), social protection to accommodate the impact on incomes due to rising food prices ($3.3 billion), and water and irrigation systems ($2 billion)," it reads.

In addition to these sums, the World Bank has another $18.7 billion that has not yet been disbursed in support of development projects around the world, of which $15 billion will go to Africa, and which in total should be expanded to $30 billion.

"This response will be anchored in all of the Bank's lending instruments, including financing of specific investments, disbursements against results, and support for development policies," the financial institution says.

The Plan details ongoing programs to support climate resilience and presents examples of initiatives to mitigate the food crisis arising from the Russia-Ukraine war.

"International financial institutions have a strong track record and already make significant financial and technical contributions to the global food security architecture, which includes bilateral donors, UN food and agriculture agencies, sector-specific intermediary funds, and philanthropic organizations, among other important players," the Plan further reads.

The plan shared by the multilateral financial institutions presents six major objectives: support vulnerable populations, promote open trade, mitigate fertilizer shortages, support food production, invest in climate resilient agriculture for the future, and focus on coordination to maximize impact.

Finally, it follows the meeting of these entities convened by the US Treasury, the equivalent of the Ministry of Finance, on April 19, and involving, in addition to the IMF, the African Development Bank (AfDB), the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, the World Bank, and the International Fund for Agricultural Development.