G20 Asks World Bank To Create Agriculture Fund.

"The G20 has called on the World Bank to work with donor agencies to create a multilateral trust fund to increase agricultural investment in poor countries, a draft G20 communique said on Friday.... The G20, holding a summit in Pittsburgh, also called for a review of the capital needs of the World Bank and regional development banks by the first half of 2010, according to the draft....

The poverty-fighting institutions have significantly ramped up their lending to poor countries since last year to help them weather the global economic downturn. The heads of the banks have said they will require new capital from rich nations if demand for their loans continues at the current pace...." [Reuters/Factiva]

The Guardian adds that "...the draft communique also pledges the G20 nations to move as 'quickly as possible' to reach a settlement in long-running world trade talks that began in 2001. The so-called Doha round has dragged on without any agreement on the critical issues such as reducing farm subsidies, which distort international trade, with the EU and South American nations calling for faster action and the US dragging its feet. [In addition,] the draft communique calls on the G20 to fight protectionism...." [The Guardian (UK)]