By Luisa Maria Jacinta C. Jocson, Senior Reporter
MILAN, Italy — The Asian Development Bank (ADB) is ramping up its support to enhance food security in Asia and the Pacific to $40 billion up until 2030.
“Today, I am proud to announce an additional $26 billion in support by 2030, bringing the total to $40 billion,” ADB President Masato Kanda said at a press conference on Sunday during the 58th ADB Annual Meeting.
The ADB initially committed to providing $14 billion for food security efforts from 2022 through 2025.
“This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment, while providing opportunities for farmers and agribusinesses,” Mr. Kanda said.
“It will drive change across the entire food value chain, from how food is grown and processed to how it is distributed and consumed,” he added.
The funding will support a “comprehensive program spanning the entire food production process – from farming and processing to distribution and consumption.”
The move is seen to not only strengthen food systems but also create jobs, mitigate harmful environmental impacts and bolster resilience in agricultural supply chains.
“This food systems initiative is not only a response to immediate needs. It is ADB’s long-term investment in a more resilient, inclusive, and sustainable future,” Mr. Kanda said.
Broken down, the additional financing is composed of direct ADB funding for governments ($18.5 billion) and private sector investments ($7.5 billion).
“By 2030, ADB aims for private sector investments to account for more than 27% of the total $40-billion program — underscoring the critical role of the private sector in driving food systems transformation.”
The program also seeks to “modernize agricultural value chains to improve access to affordable and healthy food for vulnerable populations,” Mr. Kanda said.
“We will also invest in soil health and biodiversity conservation. And we will support the development of digital technology and analytics to improve decision-making for farmers, agribusinesses, and policymakers.”
Under the $40-billion funding, the ADB is also setting aside $150 million for the Natural Capital Fund, which is a “blended finance vehicle.”
It will draw from the Global Environment Facility and contributions from the Global Agriculture and Food Security Program.
“This fund will support agri-food system projects by farmers and innovators that protect, restore, and manage natural capital sustainably across ADB’s developing members.”
ADB Senior Director Qingfeng Zhang noted the vulnerability of Southeast Asia to climate change and its impact on food systems in the region.
“In Southeast Asia, we have a dedicated program focused on how we can make, on the one hand, address natural disasters and same time also build up the infrastructure for long-term food system resilience,” he told reporters on the sidelines of the press conference.
“If you look at the last 10 years, in Southeast Asia, the Philippines, Thailand, are so suffering from so many floods and droughts and also landslides and so forth.”
To date, the ADB has delivered more than $11 billion or 80% of its initial program to address the food crisis, as well as an additional $3.3 billion in investments slated for this year.
Developing Asia accounts for more than half of the undernourished population, the ADB said. About 40% of the region’s workforce are employed in jobs related to food systems.
“Unprecedented droughts, floods, extreme heat, and degraded natural resources are undermining agricultural production, while at the same time threatening food security and rural livelihoods,” Mr. Kanda said.
“Together with our partners, we are building food systems that feed people, sustain livelihoods, and protect our planet,” he added.