Pakistan to get $1.5 billion grant from international financial institution
MANILA, PHILIPPINES - The Asian Development Bank (ADB) has announced to give 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. On Tuesday, the ADB had announced plans to provide at least U$14 billion over 2022–2025 in a comprehensive programme 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.
The assistance expands ADB’s already significant support for food security in the region, where nearly 1.1 billion people lack healthy diets due to poverty and food prices which have soared to record highs this year. The funding will be channeled through existing and new projects in sectors including farm inputs, food production and distribution, social protection, irrigation, and water resources management, as well as projects leveraging nature-based solutions.
The ADB will continue to invest in other activities which contribute to food security such as energy transition, transport, access to rural finance, environmental management, health, and education.