U.S. pledges $475 million to new global food security program

The United States will contribute $475 million to a new global food security program to improve wages and fight hunger and poverty in developing countries. 

The Treasury Department on Thursday announced a total commitment of $880 million to the new Global Agriculture and Food Security Program, from the U.S., Canada, Spain, South Korea and the Bill & Melinda Gates Foundation along with the start of a campaign to get additional contributions from the public and private sectors around the world. 

"As we work to build a stronger, more stable and balanced global economy, we must renew our commitment to tackle global hunger and poverty," Treasury Secretary Tim Geithner said today.

The U.S. has contributed $67 million to the fund so far and has requested $408 million as part of President Barack Obama's fiscal 2011 budget to improve food security and promote stability in poor countries and provide help for the U.S. Agency for International Development and the Agriculture Department. Canada has pledged $230 million, Spain $95 million, South Korea $50 million and the Gate Foundation will commit $30 million. 

"At a time of limited resources and large global challenges, this fund will leverage support from around the world to achieve lasting progress against hunger and bolster agricultural productivity and growth," Geithner said about helping more than 1 billion people worldwide who deal daily with hunger. 

The fund -- which will have public and private sector accounts -- was created in response to leaders request at last year's G-20 meeting. The public sector account will aim to help small farmers improve irrigation systems and link farmers to markets. The private account will provide financing to increase the value of small and medium farms and other agricultural businesses. 

"With the global number of chronically hungry reaching 1 billion, working together to put an end to the status quo and improve on past efforts is both a moral and economic imperative," Agriculture Secretary Tom Vilsack said today.