ADB passes half-way mark in $14 Bn food security commitment

ADB is supporting efforts to safeguard food security in Afghanistan, Bangladesh, Indonesia, Nepal, Pakistan, the People’s Republic of China, the Philippines, the Solomon Islands, and other members

The Asian Development Bank (ADB) is on schedule to deliver its commitment to invest $14 billion by 2025 to improve food security and support measures to ease the food crisis in Asia and the Pacific.

As of the end of 2023, ADB had already committed $7.6 billion, or about 52 per cent, of the total allocation. In response to food security challenges brought by climate change and biodiversity loss in the region, ADB announced this funding commitment in September 2022 over 4 years.

ADB is supporting efforts to safeguard food security in Afghanistan, Bangladesh, Indonesia, Nepal, Pakistan, the People’s Republic of China, the Philippines, the Solomon Islands, and other members.

Following the call for stronger partnerships for food systems transformation, ADB signed a cooperation agreement with the Consultative Group on International Agricultural Research (CGIAR), the world’s largest publicly funded group of agri-food systems research centres. The agreement will help ADB scale up proven innovative technologies developed by CGIAR centres to address food and water security, climate, and nutrition challenges.  

A letter of intent has also been signed between ADB and the National Bank for Agriculture and Rural Development (NABARD) of India, which is a financial organisation specialising in uplifting the agricultural sector and fostering rural progress. The agreement will guide ADB–NABARD cooperation to extend loans and credit for farming, small industries, and various rural enterprises.

The Asia and the Pacific Food Security Forum 2024 is expected to be attended by about 500 onsite and over 1,000 online participants from ADB members to discuss solutions that can help ease the worsening food crisis and enhance the resilience of food systems in the region.