ADB commits _______ to ensure food security in Asia

Solution

The Asian Development Bank announced a USD 14 billion fund from 2022-25 to fight the food security crisis in Asia Pacific, threatened by adverse climate and exacerbated by the Russia-Ukraine war choking supply lines, triggering soaring food prices. While, USD 3.3 billion of the total funding is earmarked for 2022, the rest of USD 10.7 billion will be spread over 2023-25.For 2022, a further funding break-up includes USD 2.5 billion sovereign support towards repurpose and utilisation of existing projects, strengthening of countercyclical support for food security and launch of new projects in agriculture, natural resources and rural development. Besides, USD 800 million will be utilised in the private sector for trade and supply chain financing, direct agribusiness lending, microfinancing programme and lending to financial institutions.ADB will continue to invest in other activities which contribute to food security such as energy transition, transport, environmental management, health and education.