An innovative initiative that will enhance global food security and improve the livelihoods of developing country farmers through prizes and other market-based incentives was announced yesterday by G20 Leaders.
With a results-driven funding model that rewards innovators for tackling some of the biggest problems in food security and agricultural development, AgResults addresses global challenges in food security and agriculture by generating market-oriented solutions. The initiative aims to achieve significant improvements in the wellbeing of the poor and vulnerable in developing countries with a fund of up to $100 million, to be administered by the World Bank. The governments of Australia, Canada, Italy, the United Kingdom, the United States, as well as the Bill & Melinda Gates Foundation, are supporting this effort.
AgResults uses pull mechanisms to encourage innovation through results-based payments such as prizes that are typically paid out when certain objectives or milestones have been met. Such financing mechanisms have seen success in generating innovation and market-oriented solutions in other domains such as healthcare, and AgResults aims to deliver similar gains in global food security and agricultural development.
In the coming years, AgResults will launch a series of pilots that address some of the biggest problems in global food security and agricultural development. The initiative’s portfolio of pilots will represent a diverse mix of agriculture and food security issues, testing different types of pull mechanisms in different regions globally. The initial set of pilots, focusing on maize production in Sub-Saharan Africa, include:
- Incentivizing the adoption of on-farm storage technology for smallholder farmers;
- Encouraging innovative distribution of a breakthrough technology to reduce aflatoxin contamination; and
- Building a market for new vitamin A-enhanced varieties of maize.
Additional pilots will be explored in the coming years, potentially including livestock vaccines and fertilizer innovation as well as new ideas related to increasing crop yields, decreasing post-harvest losses, increasing livestock productivity and improving nutrition.
For further information, please visit www.worldbank.org/cfp/agpm