World Bank Unveils ‘AgriConnect’ to Empower Smallholder Farmers and Double Agribusiness Investment to $9 Billion

The World Bank Group has announced a new global initiative tagged “AgriConnect”, designed to help smallholder farmers shift from subsistence farming to commercial-scale production and create millions of jobs across developing nations.

The initiative was unveiled by Ajay Banga, President of the World Bank Group, during the IMF/World Bank Annual Meetings held in Washington D.C., United States.

Boosting Agricultural Growth Through Innovation and Financing

According to Banga, AgriConnect will serve as the World Bank’s flagship program to transform agriculture into a powerful engine for sustainable growth, job creation, and food security.

The initiative focuses on expanding the agricultural ecosystem through farmer cooperatives, agribusiness financing, digital integration, and the use of advanced technologies such as artificial intelligence (AI).

Banga disclosed that the bank has pledged to double its annual financing for agribusiness to $9 billion, with an additional $5 billion to be mobilized through global partnerships and private investments.

“AgriConnect is built around empowering small-scale farmers with access to finance, markets, and technology. We want to make farming a profitable business that supports livelihoods and strengthens food systems,” Banga stated.

Supporting Local Industries and Regional Value Chains

The World Bank president also revealed that the organization is finalizing a minerals and mining strategy aimed at helping developing countries move beyond raw material exports into processing and regional manufacturing.

He emphasized that the goal is to ensure that value addition and job opportunities remain within local economies rather than being exported abroad.

“We expect to share this new minerals and mining framework in the coming months. The idea is to help countries build integrated value chains that generate more employment and attract sustainable investment,” he said.

Country Partnership Frameworks to Drive Impact

Banga explained that every participating nation would benefit through a Country Partnership Framework (CPF) — a long-term strategic plan co-developed with national governments and experts from across the World Bank Group.

Each framework, he said, will align with the country’s specific economic priorities and growth ambitions.

“In some nations, this might focus on end-to-end mineral value chains. In others, it could mean strengthening agribusiness ecosystems, promoting eco-tourism, or improving healthcare infrastructure,” he noted.

Unlocking Private Capital for Development

The World Bank president stressed that private sector participation remains critical to achieving large-scale agricultural transformation.

He explained that the bank is working to remove investment barriers, simplify regulations, and create predictable business environments where private capital can drive inclusive development.

“To meet global food needs and expand our development impact, we must unleash the full potential of private investment,” Banga said. “That’s why we’re creating the right conditions for investors to partner with local farmers and agribusinesses.”

A New Era for Smallholder Farmers

The AgriConnect initiative is expected to have far-reaching effects, especially in Africa and Asia, where smallholder farmers produce a large share of local food but often struggle with limited access to financing, modern equipment, and reliable markets.

By linking farmers with digital tools, cooperative financing systems, and agritech solutions, the World Bank aims to improve productivity, reduce poverty, and ensure food security across developing nations.

Agriculture experts say AgriConnect could be a turning point for Nigeria and other emerging economies, where over 70% of rural households depend on farming but face barriers such as poor access to credit, weak infrastructure, and outdated farming practices.

Global Commitment to Food Security

The announcement reinforces the World Bank’s long-term goal of building resilient food systems and reducing dependency on food imports. With climate change and population growth putting pressure on global food supply, initiatives like AgriConnect are positioned to make agriculture more profitable and sustainable.

By combining smart financing, public-private partnerships, and digital innovation, the World Bank hopes to create a model that not only feeds communities but also stimulates industrial development and rural prosperity.