ADB announces USD 14 bn support for food security in Asia Pacific

The ADB on Tuesday announced a USD 14 billion financial support towards the Asia Pacific region's food security, which is threatened by Russia-Ukraine war and global climatic conditions.

The funding is for the period 2022-2025.

The funding was announced by Asian Development Bank (ADB) President Masatsugu Asakawa as part of the 55th ADB annual meeting, during a virtual press conference.

While USD 3.3 billion will be spent in 2022, USD 10.7 billion is to be utilised between 2023-25.

Asakawa underlined global climate changes and food security as two key focus areas.

The Manila-headquartered agency is proactive to support the member nations. ADB is owned by 68 members, of which 49 are from the Asia Pacific region.

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