The World Bank has announced a new initiative, AgriConnect, designed to revolutionize global agriculture and create millions of jobs by providing targeted support to smallholder farmers.
The plan was unveiled on Tuesday during the ongoing IMF/World Bank Annual Meetings in Washington, D.C., marking one of the bank’s most ambitious efforts to link food production with employment generation and economic growth.
According to a statement released at the event, AgriConnect is designed to transform smallholder farming, enhance productivity, and make agriculture a stronger driver of opportunity across developing economies.
The World Bank noted that although 500 million smallholder farmers produce most of the world’s food, many remain trapped in poverty due to limited access to modern tools, finance, and markets.
“Supporting smallholders to become commercially successful is critical to reducing poverty, creating jobs, and ensuring food security,” the Bank said. It added that the world’s population growth and changing demographics have made agricultural transformation a global priority.
Over the next decade, an estimated 1.2 billion young people will join the workforce in developing countries, while food demand is projected to rise by 30 percent by 2050.
To meet this challenge, the World Bank announced that it would double its annual investment in agribusiness to $9 billion.
This increase, the institution said, would support efforts to improve farming infrastructure, strengthen policy frameworks, and mobilise private capital to drive sustainable growth across the agricultural value chain.
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“Our goal is to create an ecosystem of growth that transforms agriculture into a vibrant source of jobs and prosperity,” the statement read. “This includes investments in digital technologies, irrigation systems, rural roads, and skills development to enable agribusinesses to thrive.”
The World Bank also pledged to work closely with national governments to develop policies that attract private investment and lower the risks associated with agricultural production.
By expanding access to finance, the initiative aims to empower farmers and agri-entrepreneurs to innovate and scale operations.
Experts believe that if effectively implemented, AgriConnect could serve as a blueprint for tackling food insecurity and youth unemployment across Africa, Asia, and Latin America.
As the Bank intensifies global collaboration, the project underscores the importance of agriculture as not only a means of sustenance but also a critical engine of inclusive economic development.
