G8 summit commits $15 billion on food security

L'AQUILA, Italy (Reuters) - Leaders from rich nations at the G8 summit committed $15 billion over three years to boost agricultural investment in poorer countries and fight food insecurity, a final draft statement seen by Reuters said.

The statement did not give a breakdown of where the money would come from or whether it was all new funds.

It also made no mention of a trust fund for the contributions to be managed by the World Bank, a proposal put forward by the United States in previous drafts.

"We welcome the commitments made by countries represented at L'Aquila toward a goal of mobilizing at least $15 billion over three years," said the statement, to be issued after talks on Friday.

"We are committed to increase investments in short, medium and long-term agriculture development that directly benefits the poorest and makes best use of international institutions," it said.

It added the combined effect of longstanding underinvestment in agriculture, price trends and the economic crisis had led to increased poverty and hunger in developing countries.

According to the United Nations, the number of malnourished people now exceeds 1 billion.

The statement said the G8 summit kept a strong commitment to ensure adequate emergency food assistance, but its focus on agricultural investments reflects a new emphasis on longer-term strategies to fight hunger.

The leaders said their approach would target increased agriculture productivity, stimulus to harvest interventions, emphasis on private sector growth, women and smallholders, preservation of natural resources, job expansion, training and increased trade flows.