Leaders of the world's eight largest economies pledged $20 billion in aid at the G8 summit in Italy to help developing nations fight hunger.
Kanayo F. Nwanze, president of the International Fund for Agricultural Development, said the commitment for food aid and investment in agricultural equipment and technologies would go a long way toward breaking the poverty cycle.
"In the past, food security was a mere bullet point at the G8," Nwanze said. "This time, world leaders have endorsed a concrete and wide-ranging initiative."
The global initiative calls for raising $20 billion over the next three years to fund agricultural projects in developing countries providing farmers with seed, fertilizer, farm equipment and water management.
A recent report from the UN Food and Agriculture Organization estimated that 1.02 billion people are undernourished, not as a result of limited international food supplies, but because of food inflation and falling incomes due to global recession.
Expanded global trade in agriculture could benefit U.S. producers and farm equipment manufacturers while reducing hunger.
Earlier this week, Deere & Company announced plans to expand production of equipment including John Deere tractors in Russia.