WASHINGTON, Nov 19: The World Bank has announced a new strategy for rural development, pledging to give more agricultural loans in a bid to improve living standards in poor regions.

The Bank said in a statement on Monday it will boost lending for agriculture for the 2003 and 2004 fiscal years by 20 per cent yearly under the new strategy, marking a net increase of about $400 million.

“The new Agriculture and Rural Development Strategy will contribute to the implementation of the outcomes of the Johannesburg World Summit on Sustainable Development in which more than 100 world leaders committed to make rural development a priority for action,” says Ian Johnson, World Bank vice president for sustainable development.

The Bank said the programme is in response to the lack of progress in global agricultural trade reform, leaving poor farmers with little access to world markets. A Bank statement said the potential economic welfare benefits of global agricultural trade reform for the developing world are estimated to be at least $142 billion annually.—AFP