The Manila-based multilateral lender Asian Development Bank (ADB) on Sunday, May 4, announced plans to expand its support for long-term food and nutrition security in Asia and the Pacific by $26 billion, raising its total commitment for food security initiatives to $40 billion for the period 2022 to 2030.

In a statement, the ADB said that this expanded assistance for the region will fund a comprehensive program that spans the entire food production process—from farming and processing to distribution and consumption. Through a combination of financing and policy support for governments and companies, the program aims to help Asia-Pacific produce diverse and nutritious food, create jobs, reduce environmental impacts, and strengthen agricultural supply chains, it added.

“Unprecedented droughts, floods, extreme heat, and degraded natural resources are undermining agricultural production, while at the same time threatening food security and rural livelihoods,” the ADB quoted its President Masato Kanda as saying at the lender’s 58th annual meeting in Milan, Italy.

“This expanded support will help 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,” Kanda said.

The new announcement builds on the ADB’s September 2022 pledge to invest $14 billion by 2025 to address food insecurity and ease the regional food crisis. By the end of 2024, the ADB had already committed $11 billion—about 80 percent of the initial allocation—with an additional $3.3 billion in investments programmed for 2025.

The additional $26 billion in funding will include $18.5 billion in direct ADB support for governments and $7.5 billion in private sector investments. By 2030, the ADB expects private sector investments to account for more than 27 percent of the total $40 billion program, underscoring the vital role of the private sector in transforming food systems.

The ADB said that the need for such investment is urgent. More than half of the world’s undernourished people live in developing Asia, where malnutrition and biodiversity loss are straining food systems, the bank noted. These systems account for 70 percent of global water use, 50 percent of habitable land, and 80 percent of biodiversity loss, while employing 40 percent of the region’s workforce, it pointed out.

To support food systems transformation, the program will modernize agricultural value chains to improve access to affordable, healthy food for vulnerable populations. It will also invest in soil quality, biodiversity conservation, and digital technologies to improve decision-making for farmers, agribusinesses, and policymakers. Additionally, the ADB is establishing the natural capital fund—a planned $150 million blended finance vehicle—with anchor support from the global environment facility and expected contributions from partners, including the global agriculture and food security program.