The Asian Development Bank (ADB) committed an additional funding of $26 billion for food security projects of private firms and governments in Asia-Pacific. Breaking it down, the ADB said $18.5 billion will be directed to governments while $7.5 billion will be channeled to private firms.

The ADB said the new amount is part of its total funding worth $40 billion for food security in the region by 2030. The global institution said that by the end of that period, more than 27 percent of the total fund should have been invested in private sector-led projects.

Supply chain support

ADB president Masato Kanda said the funds will help recipients improve the entire food supply chain amid climate change.

“This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment, while providing opportunities for farmers and agribusinesses,” he said during the ADB’s 58th Annual Meeting in Milan, Italy. The meeting runs from 4 to 7 May.

The ADB said developing countries in the region, including the Philippines, see growing populations of undernourished children.

According to the United Nations Children’s Fund, at least 600,000 or 74 percent of Filipino children lack regular access to nutritious food and consume unbalanced diets.

With worsening weather conditions due to climate change, the ADB said countries must accelerate climate actions to ensure sustainable food production for present and future generations.

The ADB said food production consumes most of the world’s natural resources, accounting for 70 percent of global water use, 80 percent of biodiversity loss, and 50 percent of habitable land.

“The new fund will drive change across the entire food value chain, from how food is grown and processed to how it is distributed and consumed,” Kanda said.

Last year, the ADB mobilized $11 billion for food security in the region and announced it would invest a total of $14 billion by the end of this year.