"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 VilsackThomas J. VilsackUSDA: Farm-to-school programs help schools serve healthier meals OVERNIGHT MONEY: House poised to pass debt-ceiling bill MORE said today.