Asian Development Bank announces support of $14 billion for food security in Asia Pacific

The Asian Development Bank (ADB) announced a $14 billion financial support for the food security of the Asia Pacific region on September 27, 2022. ADB will continue to invest in other activities which contribute to food security such as energy transition, transport, environmental management, health, and education.

The multilateral funding agency is hosting its 55th annual meeting at its headquarters in Manila from September 26-30, 2022 in a hybrid mode. 45 governors of the member nations are attending in person after 2019. Others are available virtually.

Today, I announced $14B in ADB support to ease the food crisis & improve long-term food security.

Our plan will be targeted, integrated, & impactful to help the vulnerable, esp. women.

This is a timely & urgently needed response to a worsening situation. https://t.co/EWYgrM9MQr

— Masatsugu Asakawa (@ADBPresident) September 27, 2022

Multilateral funding agency meeting: Discussions

1. The discussions are based on the region's path to recovery as new uncertainties are faced by developing member countries. 
2. The headwinds include food security, inflation, and debt crisis. All these challenges need to be understood in the rising threats of climate change.
3. Food security is a pressing issue for ADB in the region.
4. Heat, floods, disease, draughts, and other factors affected by climate change impact food production. It causes more food scarcity compounded by climate-induced migration.
5. It is a comprehensive programme to point out the worsening food crisis in Asia and the Pacific and improve long-term food security in the region by strengthening food systems against the impacts of biodiversity loss and climate change.
6. While USD 3.3 billion of the total funding is earmarked for 2022, the rest of USD 10.7 billion will be distributed over 2023-25.
7. ADB will continue to invest in other activities which contribute to food security such as energy transition, transport, environmental management, health, and education.

What is ADB?

The (ADB) Asian Development Bank is a regional development bank. It was established on December 19, 1966. The bank is headquartered in the Ortigas Center situated in the city of Mandaluyong, Metro Manila, Philippines. The bank promotes social and economic development in Asia and maintains 31 field offices worldwide. Initially, ADB has 31 members, while now it has 68 members. 

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