MANILA, May 4 (Xinhua) -- The Asian Development Bank (ADB) on Sunday announced plans to expand its support to long-term food and nutrition security in Asia and the Pacific by 26 billion U.S. dollars, bringing its total funding for food security initiatives to 40 billion dollars over 2022-2030.
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.
The new ambition builds on ADB's September 2022 pledge to invest 14 billion dollars by 2025 to improve food security and ease the regional food crisis.
By the end of 2024, the ADB had committed 11 billion dollars, about 80 percent of the original allocation.
The 26 billion dollars in additional funding announced Sunday will consist of 18.5 billion dollars in direct ADB support for governments and 7.5 billion dollars in private sector investments.
"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 the ADB's annual meeting in Milan, Italy.
"This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment while providing opportunities for farmers and agribusinesses," he added. Enditem
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