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December 06, 2022

Asian Development Bank (ADB) provides funds to address food security

The regional bank is set to provide financing to curb the effects of rising food prices.

On 27 September, during the 55th Annual Meeting of the Board of Governors, the ADB announced its plans to provide at least US$14 billion over 2022–2025 in a comprehensive program of support to ease a worsening food crisis in Asia and the Pacific, and improve long-term food security by strengthening food systems against the impacts of climate change and biodiversity loss.

In addition, ADB’s food security assistance will promote: (i) open trade; (ii) improve smallholder farm production and livelihoods; (iii) boost climate resilience through integrated and nature-based solutions, among others. support investments in food production and distribution, enhance nutrition.

The funds will be drawn from across ADB’s sovereign and private sector operations, and seek to leverage an additional US$5 billion in private sector co-financing for food security.