Tashkent, Uzbekistan (UzDaily.com) -- The European Bank for Reconstruction and Development (EBRD) has announced the AgVenture competition, which is open to innovative agribusiness start-ups from all countries in which the Bank invests.

Winning startups will receive up to €80,000 of individual advisory support through the EBRD’s Star Venture program and a €10,000 grant for value-added services, networking and participation in international profile forums.

The winning startups will be announced at the end of April.

The purpose of AgVenture is to find solutions to the problems that food systems face. These include food security, climate change, inclusion of target groups and small businesses in global value chains.

Food security is the most pressing issue facing the world. The world population is expected to increase from about 7 billion people in 2012 to 9.6 billion people in 2050. This will increase water scarcity in agricultural areas.

The EBRD wants to address some of these challenges by helping to develop innovative products, services and technologies and make food production more sustainable, efficient and inclusive.

The Bank will also encourage its clients to be more active in supporting start-ups and cutting-edge technologies by providing funding such as corporate venture capital.