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May 27, 2024

Doubling down on food security: ADB invests $14 billion across Asia Pacific

The Asian Development Bank (ADB) is on track to deliver its $14 billion investment to improve food security across Asia and the Pacific by 2025.

This commitment aims to alleviate the ongoing food crisis, a major concern for the region’s development.

“Food insecurity is causing tremendous suffering and undermining the prospects for development,” ADB president Masatsugu Asakawa said at the ongoing Asia and the Pacific Food Security Forum 2024 in Manila (April 9-12).

Asakawa emphasized the urgency to address the crisis, worsened by extreme weather and geopolitical conflicts.

The ADB proposed accelerating food systems transformation. This includes protecting and reinvesting in natural resources, supporting farmers and agribusinesses, and promoting open trade for efficient food distribution.

The bank has already invested $7.6 billion (around 52% of the total pledge) in 2023, with projects planned across various countries like Afghanistan, Bangladesh, Indonesia, Nepal, Pakistan, China, Solomon Islands, and more.

ADB also signed a collaborative agreement with the Consultative Group on International Agricultural Research (CGIAR), a leading global organization for agri-food research. This partnership aims to scale up innovative technologies developed by CGIAR to tackle food and water security, climate change, and nutrition challenges.