WASHINGTON, June 3, 2008 - The World Bank Group announced today it would support global efforts to overcome the global food crisis with a new $1.2 billion rapid financing facility, including $200 million in grants targeted at the vulnerable in the world’s poorest countries.

Announcing several measures to address immediate to longer-term food challenges, the World Bank Group said it would boost its overall support for global agriculture and food to $6 billion next year up from $4 billion, and would launch risk management tools, and crop insurance to protect poor countries and small-holders.