Japan to Contribute 7 M. Dlrs to New Food Crisis Framework

Washington, Oct. 14 (Jiji Press)--The Japanese government said Friday that it will contribute about 7 million dollars to a new financing framework to deal with food crises, set up by the International Finance Corporation, a member of the World Bank Group.

Tokyo announced the move at a meeting in Washington of the joint development committee of the International Monetary Fund and the World Bank.

The new framework is aimed at promoting the improvement of productivity and the strengthening of supply chains through loans to private food producers and suppliers.

The IFC has called on governments around the world and the private sector to provide 3 billion yen for the 6-billion-dollar lending framework.

Including the 7-million-dollar contribution to the IFC framework, Japan plans to provide a total of 20 million dollars to the World Bank Group for projects including those to boost the food production capacities of developing countries in the medium to long term.

[Copyright The Jiji Press, Ltd.]