Regulation establishing a facility for rapid response to soaring food prices in developing countries
In order to provide a response to the effects of the 2008 food crisis, a Regulation establishing the so called "Food Facility" was adopted by the European Parliament and the Council in December 2008. This new instrument provides for € 1 billion funding. Operating over a 3-year period from 2009-2011, the fund will bridge the gap between emergency aid and medium to long-term development aid.
Its chief objectives are to:
- Encourage food producers to increase supply;
- Deal directly with the effects of volatile food prices on local populations;
- Increase food production capacity and improve the way agriculture is managed in the longer term.
Supporting measures that are eligible for implementation are:
- Measures to improve access to agricultural inputs and services including fertilizers and seeds – with special attention to local facilities and availability;
- Safety-net measures to maintain or increase agricultural production capacity and help meet the basic food needs of the most vulnerable populations, including children;
- Other small-scale production-boosting measures based on countries’ individual needs – microcredit, investment, equipment, infrastructure and storage – and vocational training and support for agricultural professionals.
European Commission - December 2008