ADB announces $14 billion 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.