In the 68-member bank’s latest forum, updates on four key initiatives on regional food systems transformation, security and sustainability were announced

At the recent Asia and the Pacific Food Security Forum 2024 focused on mobilizing members of the Asian Development Bank (ADB) to discuss solutions that can help ease the worsening regional food crisis and enhance the resilience of food systems, several updates were announced.

Firstly, in reference to its September 2022 commitment to address food security challenges brought by climate change and biodiversity loss in the region by 2026, the ADB had pledged to invest US$14bn by 2025 to improve food security and support measures to ease the food crisis in Asia and the Pacific. As of end ‘2023, the 68-member ADB (comprising 49 members from the region) has already committed US$7.6bn (52%) of the total allocation.

Secondly, ADB is supporting efforts to safeguard food security in Afghanistan, Bangladesh, Indonesia, Nepal, Pakistan, the People’s Republic of China, the Philippines, Solomon Islands, and other member countries.

Thirdly, following a call for stronger partnerships for “food systems transformation”, the ADB has signed a cooperation agreement with the Consultative Group on International Agricultural Research (CGIAR), to scale up proven innovative technologies to address food and water security, climate, and nutrition challenges. 

Current ADB President Masatsugu Asakawa noted that the world needs to act urgently to address crises exacerbated by extreme weather events and geopolitical conflicts.

Finally, a letter of intent has been signed between ADB and the National Bank for Agriculture and Rural Development (NABARD) of India to extend loans and credit for farming, small industries, and various rural enterprises in the nation.

At the forum hosted in Manila, ADB President Masatsugu Asakawa noted: “Food insecurity is causing tremendous suffering and undermining the prospects for development. The world needs to act urgently to address this crisis exacerbated by extreme weather events and geopolitical conflicts. We need to accelerate food systems transformation by safeguarding and reinvesting in the region’s natural capital and ecosystems, bolstering support for farmers and agribusinesses, and facilitating open trade for efficient food distribution.”