The World Bank is taking the rare step of encouraging developing countries to buy insurance in the derivatives markets against sudden changes in food prices with a deal that should allow the nations to hedge some $4bn (€2.8bn) worth of commodities.
The deal, struck with investment bank JPMorgan, comes as countries such as China and India weather a second surge in agricultural commodities prices following the 2007-08 food crisis.
But the initiative, timed to coincide with the first ever G20 meeting of agricultural ministers, could prove controversial as lawmakers in countries from the US to France try to clamp down on what they describe as excessive speculation in commodities derivatives.
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