MANILA, PHILIPPINES – The Asian Development Bank (ADB) has announced togive US$1. 5 billion to deal with the issues of food shortage and inflation.
According to sources, the grant will be approved in a couple of days. OnTuesday, the ADB had announced plans to provide at least U$14 billion over2022–2025 in a comprehensive programme of support to ease a worsening foodcrisis in Asia and the Pacific, and improve long-term food security bystrengthening food systems against the impacts of climate change andbiodiversity loss.
The assistance expands ADB’s already significant support for food securityin the region, where nearly 1.1 billion people lack healthy diets due topoverty and food prices which have soared to record highs this year. Thefunding will be channeled through existing and new projects in sectorsincluding farm inputs, food production and distribution, social protection,irrigation, and water resources management, as well as projects leveragingnature-based solutions.
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The ADB will continue to invest in other activities which contribute tofood security such as energy transition, transport, access to ruralfinance, environmental management, health, and education.
