Asian Development Bank (ADB) announced on Sunday that it will expand its financial commitment to food and nutrition security in Asia and the Pacific to $40 billion by 2030, up from a previously pledged $14 billion.
This was decided during the 8th ADB Annual Meeting in Milan, according to a press release from the bank.
Speaking at the meeting, ADB President Masato Kanda said the expanded support, an additional $26 billion, aims to address the growing challenges posed by climate change, degraded resources, and food insecurity across the region.
“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 Kanda.
“This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment.”
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The funding will support a comprehensive program across the entire food value chain, from farming and processing to distribution and consumption.
The program aims to generate diverse and nutritious food, create jobs, reduce environmental impacts, and strengthen agricultural supply chains.
Of the newly announced $26 billion, $18.5 billion will go to governments through direct ADB support, while $7.5 billion will be mobilised for private sector investment.
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ADB expects the private sector to contribute more than 27% of the total $40 billion by 2030.
More than half of the world’s undernourished population lives in developing Asia, where food systems account for 70% of water usage, 50% of habitable land, and 80% of biodiversity loss. The region’s food systems also employ about 40% of its workforce.
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ADB’s initiative will also support digital technology, soil health improvements, and biodiversity conservation to enhance productivity and climate resilience.
The bank is launching a $150 million Natural Capital Fund with backing from the Global Environment Facility and other partners to support agri-food projects that protect natural ecosystems.
Founded in 1966, ADB is a multilateral development institution owned by 69 member countries, including 50 from the Asia-Pacific region.
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