BAKU, Azerbaijan, September 27. Asian Development Bank (ADB) will provide $14 billion in support from 2022 through 2025 to address food security, ADB President Masatsugu Asakawa said during the press conference timed to the ADB’s 55th Annual Meeting, Trend reports.
According to the president, ADB expects to finalize commitments totaling about $3.3 billion in 2022.
“In sovereign operations, we are repurposing funds from selected projects and strengthening countercyclical support in a number of countries for a total of approximately $1 billion. We also have at least $1.5 billion in our project pipeline related to agriculture, natural resources, and rural development,” he said.
Regarding support for the private sector, Asakawa noted that ADB is supporting trade and supply chain finance, as well as providing financing to agribusiness and to farmers.
“ADB’s lending to financial institutions will support food and agriculture small and medium enterprises. Private sector support from ADB resources is expected to reach $800 million in 2022,” he noted.
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