Uttar Pradesh, India: World Bank Group President Ajay Banga on October 14 emphasized the need for a worldwide initiative to modernize agriculture as a major source of jobs, economic growth, and food security. He revealed plans to double the Bank’s annual agribusiness financing to $9 billion by 2030.

Speaking at the AgriConnect flagship event during the World Bank’s 2025 Annual Meetings, Banga stressed that the goal is not just to increase food production but to “transform that growth into a viable business, generating higher incomes for smallholder farmers and broader economic opportunities.”

Over the next fifteen years, he noted, approximately 1.2 billion young people in developing nations will enter the workforce. However, current trends indicate that only around 400 million jobs will be available. “That gap—hundreds of millions—can either drive the global economy forward or lead to social unrest and increased migration,” he warned.

“That is why creating jobs is central to the World Bank Group’s mission,” he added. While the private sector produces most employment opportunities, they don’t all begin there. Countries transition from public-sector-driven jobs to private entrepreneurship, and the Bank’s three-pronged strategy reflects this: investing in infrastructure and skills, establishing predictable regulatory frameworks, and supporting investors with risk mitigation tools to attract capital.

Agriculture lies at the core of this approach. “Emerging markets are central to achieving both employment and growth objectives,” Banga said. Africa possesses 60% of the world’s uncultivated arable land, Latin America produces enough food to feed over a billion people, and Asia relies heavily on smallholder farmers managing the majority of farmland.

Globally, around 500 million smallholder farmers produce 80% of the world’s food, yet most remain dependent on subsistence farming with limited access to electricity, storage, or commercial financing. “Fewer than 10% have access to commercial credit,” Banga pointed out, noting that this situation has lasted for decades. “What is changing is our ability to organize at scale to shape the future of food security, nutrition, economic growth, and employment.”

The Bank’s new agribusiness strategy focuses on boosting smallholder productivity, integrating farmers into value chains, and protecting them from exploitation so they aren’t forced to sell land due to lack of credit, insurance, or market access.

To achieve this, the Bank aims to allocate $9 billion annually by 2030, complemented by $5 billion in private capital. “Steal shamelessly and share seamlessly—that is how we succeed together,” Banga quipped, drawing laughter and applause.

He reiterated that key elements for success include reforms in land tenure, seed quality standards, and essential infrastructure such as irrigation, rural roads, and storage facilities. “Prioritize the small farmer who lacks inputs, credit, advice, or a reliable buyer,” he advised.

Producer organizations and cooperatives, he said, can link farmers to suppliers, insurers, and lenders—helping them access advice, fertilizers, and working capital while ensuring stable market routes. As productivity improves, cooperatives can sell to structured buyers, such as SMEs or larger companies, allowing farmers to earn more, lenders to see consistent cash flows, and overall incomes to rise.

Banga emphasized building resilience from the outset through heat-tolerant seeds, efficient irrigation, soil restoration, and robust insurance mechanisms so that one poor season doesn’t become a disastrous year.

Digital technology plays a vital role as “the glue holding the system together.” Tools like AI-driven mobile apps for crop disease detection and digital payment platforms for credit building create a “virtuous cycle” that lowers capital costs and encourages more lenders to participate.

“This isn’t theoretical,” he concluded. “In India’s Uttar Pradesh, I observed this system in action—the foundation, cooperatives, resilience measures, and digital tools all working together. It’s a proven concept: it works and can be scaled.”