World Bank Group Establishes Agriculture Finance Support Facility - Bill & Melinda Gates Foundation

WASHINGTON, DC -- In recognition of the financial crisis hitting the poorest the hardest, the World Bank Group announced today a new venture to support the expansion of rural finance in the developing world.

Through a $20 million Bill & Melinda Gates Foundation contribution, the World Bank will establish the Agriculture Finance Support Facility. In a time of tight credit, the Facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines.

To read the full press release, visit the World Bank's web site.