Examining World Bank’s AgriConnect to transform global agriculture

BY KADIRI ABDULRAHMAN

At the recently concluded Annual Meetings of the IMF and World Bank Group in Washington D.C., the World Bank unveiled its flagship agricultural initiative, “AgriConnect”.

The President of the World Bank Group, Ajay Banga, explained that the flagship initiative is designed to boost global agricultural productivity and enable smallholder farmers to move from subsistence to commercial production.

According to Banga, AgriConnect was conceived to transform smallholder farming into a viable engine of economic growth, job creation, food security, and value-chain development in developing countries.

In particular, it seeks to support 500 mil- lion smallholder farmers who produce the majority of the world’s food but still operate largely at subsistence levels.

Furthermore, the initiative aims to double the World Bank’s annual investment in agribusiness to nine billion dollars by 2030, while also mobilising an additional five billion dollars from development partners.

Banga noted that the initiative was building an ecosystem around cooperatives to integrate financing for farmers and SMEs, link producers to markets, and harness digital tools such as “small AI”.

This, he added, is underpinned by a pledge to double agricultural financing and attract further resources through strategic partnerships.

He stressed that agriculture had always been central to development.

“Today, the challenge is not only to grow more food, but also to turn that growth into a business that delivers higher incomes for smallholder farmers and creates opportunities across entire economies,” he said.

Banga further observed that over the next 10 to 15 years, about 1.2 billion young people in developing countries would come of age, yet only 400 million jobs were projected to be created.

“Hundreds of millions will either power the global economy or spill over into unrest and migration.

That is why the World Bank Group has made job creation our central mission,” he explained.

He noted that although jobs ultimately come from the private sector, they do not all start there.

“Countries move along a continuum: early on, the public sector drives job creation; over time, private capital and entrepreneurship take the lead.

“Our three-pillar strategy reflects that arc of building infrastructure and skills; creating predictable regulations and a business-friendly environment; and supporting investors with risk tools that crowd in capital,” he added.

According to Banga, the World Bank sees potential in five priority sectors of infrastructure, agribusiness, healthcare, tourism, and value-added manufacturing.

However, he noted that agribusiness remains central to both job creation and meeting the projected 50 per cent rise in global food demand over the coming decades.

Moreover, he highlighted that Africa holds 60 per cent of the world’s uncultivated arable land and could significantly boost yields on already cultivated land.

“Latin America already produces enough food for well over a billion people, but faces infrastructural challenges.

“Across Asia, smallholder farmers man- age most farmland; an enormous base that can be lifted with better technology, finance, and market access,” he said.

Banga noted that globally, 500 million smallholder farmers produce 80 per cent of the world’s food, yet many remain trapped in subsistence due to inadequate electricity, storage, training, and access to markets.

Similarly, Pakistan’s Finance Minister, Muhammad Aurangzeb, shared insights on his country’s Agri-Finance and Climate Resilience Reforms.

He underscored the crucial role of agriculture in Pakistan’s economy, which contributes nearly one-fourth of GDP and supports millions of small farmers.

He reaffirmed the government’s policy shift from control to facilitation and empowerment, enabling the private sector to drive agricultural growth.

Ongoing initiatives, he said, aim to enhance productivity, access to finance, and value-chain development from production and storage to exports.

“When the full value chain is considered, agriculture contributes nearly 40 per cent to Pakistan’s GDP,” he added.

In the same vein, Guinea’s Minister of Agriculture, Mariama Cire Sylla, emphasised the need for financing and infrastructure reform to empower smallholder farmers and attract investment in alignment with AgriConnect’s goals.