The Asian Development Bank (ADB) will prioritise food and nutrition security for its 69 member countries, pledging an additional USD$26 billion for the next four years.
This is in addition to US$14 billion first committed in 2022 until 2025. Of that amount, USD$11 billion has already been delivered to member countries.
ADB recognises that the food and agriculture sector offer enormous potential. It employs 40 percent of the Asia Pacific region’s workforce and occupies half of all habitable land.
Speaking to journalists in Milan, ADB President Masato Kanda explained the idea behind transforming food systems in the Asia Pacific region was to support countries alleviate hunger, improve diets, and protect the natural environment, while providing opportunities for farmers and agribusinesses.
“It will drive change across the entire food value chain — from how food is grown and processed to how it is distributed and consumed, said Kanda, formerly Japan’s Finance Minister, who took office in February this year.
“Across the region, food systems are under growing pressure from climate change, environmental degradation, and disruptions to global trade.
“These stresses are driving hunger, worsening malnutrition, and putting livelihoods at risk, especially in rural areas. At the same time, food and agriculture offer enormous potential. The sector employs 40 percent of Asia and the Pacific’s workforce and occupies half of all habitable land, Kanda told journalists in Milan at the the beginning of the 58th Asian Development Bank Annual meeting.
More than 5,000 delegates including Governors of Reserve Banks and Ministers of Finance from Pacific Developing Member Countries are attending this four-day conference, which has the theme “Sharing experience, building tomorrow.”
“With smart investments and sound policy reforms, we can turn today’s vulnerabilities into tomorrow’s opportunities: delivering more nutritious diets, better jobs, and a healthier planet.”
ADB’s support will help modernise agricultural value chains to improve access to affordable and healthy food for vulnerable populations.
“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, said Kanda.
Kanda said with new uncertainties facing ADB’s developing member countries, it is important to explore innovative solutions together
“While the regional economy is coming from a position of strength, there is a lot of uncertainty ahead.
“This means we cannot be complacent. In these challenging times, ADB remains a steadfast partner.
The new ADB President has promised to support members build resilience against economic shock, improve sustainable growth, create jobs and improve lives of the poor and most vulnerable.
In a conversation moderated by former BBC presenter, Nisha Pillai, to get to know the new ADB President, he was asked a personal question on what success would look like during his term in office.
“To see smiles in the faces of young boys and girls across the Asia Pacific region because ADB is able to deliver on what it promises, said Kanda.
He’s pledged to support members build resilience against economic shocks, foster sustainable growth, create jobs, and improve lives of the poor and most vulnerable.
The 58th Annual Meeting of ADB Governors ends on Wednesday.
