MILAN, Italy, May 4. The Asian Development Bank
(ADB) today announced plans to expand its support to long-term food
and nutrition security in Asia and the Pacific by $26 billion,
bringing its total funding for food security initiatives to $40
billion over 2022–2030, Trend reports.
The assistance will fund a comprehensive program spanning the
entire food production process – from farming and processing to
distribution and consumption. Through financing and policy support
for governments and companies, the program aims to help Asia and
the Pacific generate diverse and nutritious food, create jobs,
reduce environmental impacts, and promote resilient agricultural
supply chains.
“Unprecedented droughts, floods, extreme heat, and degraded
natural resources are undermining agricultural production, while at
the same time threatening food security and rural livelihoods,”
said ADB President Masato Kanda at ADB’s 58th Annual Meeting in
Milan.
“This expanded support will help countries alleviate hunger,
improve diets, and protect the natural environment, while providing
opportunities for farmers and agribusinesses. It will drive change
across the entire food value chain, from how food is grown and
processed to how it is distributed and consumed.”
The new ambition builds on ADB’s September 2022 pledge to invest
$14 billion by 2025 to improve food security and ease the regional
food crisis. By the end of 2024, ADB had committed $11
billion—about 80% of the original allocation—with an additional
$3.3 billion in investments programed for 2025.
The $26 billion in additional funding announced today will
consist of $18.5 billion in direct ADB support for governments and
$7.5 billion in private sector investments. By 2030, ADB aims for
private sector investments to account for more than 27% of the
total $40 billion program—underscoring the critical role of the
private sector in driving food systems transformation.
More than half of the world’s undernourished people live in
developing Asia. Biodiversity loss and malnutrition are straining
food systems, which account for 70% of global water use, 50% of
habitable land, and 80% of biodiversity loss. Food systems also
employ 40% of the region’s workforce.
To support food systems transformation, the program will
modernize agricultural value chains to improve access to affordable
and healthy food for vulnerable populations. It will also invest in
improving soil quality and conserving biodiversity – essential
elements for productive agriculture that are increasingly under
threat from climate change, pollution, and the loss of land and
aquatic ecosystems. The program will support the development of
digital technology and analytics to improve decision-making for
farmers, agribusinesses, and policymakers.
ADB is establishing the Natural Capital Fund – a planned $150
million blended finance vehicle – with anchor support from the
Global Environment Facility and contributions expected from other
partners including the Global Agriculture and Food Security
Program. This fund will support agri-food system projects by
farmers and innovators that protect, restore, and manage natural
capital sustainably across ADB’s developing members.
ADB is a leading multilateral development bank supporting
inclusive, resilient, and sustainable growth across Asia and the
Pacific. Working with its members and partners to solve complex
challenges together, ADB harnesses innovative financial tools and
strategic partnerships to transform lives, build quality
infrastructure, and safeguard our planet. Founded in 1966, ADB is
owned by 69 members—50 from the region.