ADB commits $26 billion more to food & nutrition security in APAC

The Asian Development Bank (ADB) Sunday announced a significant topup to its long-term food and nutrition security support in Asia and the Pacific, adding $26 billion to take the total commitment to $40 billion over 2022-2030

"This expanded support will help countries alleviate hunger, improve diets and protect the natural environment, while providing opportunities for farmers and agribusinesses," ADB president Masato Kanda said at the multilateral lender's 58th annual meeting here. He said this will drive change across the entire food value chain, from how food is grown and processed to how it is distributed and consumed.

"Unprecedented droughts, floods, extreme heat, and degraded natural resources are undermining agricultural production, while at the same time threatening food security and rural livelihoods," he said.


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 has committed $11 billion-about 80% of the original allocation. The $26 billion in additional funding announced Sunday will consist of $18.5 billion in direct ADB support for governments and $7.5 billion in private sector investments.

ADB is also establishing the Natural Capital Fund - a $150 million blended finance vehicle - with anchor support from Global Environment Facility.