The US and the World Bank announced a billion-dollar plan to reduce the food crisis caused by the war around the world.

The US, several global development banks and other groups announced on Wednesday a billion-dollar plan aimed at tackling the worldwide food security crisis triggered by Russia's war in Ukraine. 

Ten billion dollars will be spent on supporting farmers, addressing the fertilizer supply crisis and developing land for food production, among other issues. According to the Treasury, the Asian Development Bank will contribute funds to feed Afghanistan and Sri Lanka and the African Development Bank will use $1.5 billion to aid 20 million African farmers.

The European Bank for Reconstruction and Development, the Inter-American Development Bank, the International Fund for Agricultural Development and the World Bank will also contribute tens of billions in the coming months and years to support food producers and address issues of supply shortages .

The plan to deal with the crisis stemming from Russia's war in Ukraine stems from a meeting of the International Monetary Fund and the World Bank convened in April, where it called on powerful nations to address a looming crisis over food insecurity around the world. The world food crisis is made worse. Russia and Ukraine produce a third of the world's supply of wheat. Food prices have risen as a result of the loss of commodities due to the war.

EU Commission President Ursula von der Leyen arrives for a meeting of finance ministers for the Group of Seven major economies in Bahn, Germany, this weekend. Yellen said they discussed important issues related to energy security, the economic needs of Ukraine and continued coordination to impose sanctions on Russia. While European nations are planning to exit Russian oil and gas.