World Map United States / English
Sign In or Register Now
Location Icon
_blank _blank _blank _blank _blank

MachineFinder News

G8 leaders pledge $20 billion in farm aid

Friday, July 10, 2009

Food security was a big topic at the G8 summit.
Food security was a big topic at the G8 summit.

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.ADNFCR-2034-ID-19260967-ADNFCR

News Categories
Featured Machines
Machine Photo

250 hrs, $150,500 US


Machine Photo

715 hrs, $265,000 US