MANILA -- The Asian Development Bank (ADB) said it is spending an additional $26 billion to boost food security and nutrition in Asia and the Pacific. This brings ADB spending for food security to $40 billion from 2022–2030.

In a statement, the ADB said $18.5 billion of the $26 billion investment will be for direct support to governments, while $7.5 billion will be for private sector investments. 

The multilateral lender said the program will modernize agricultural value chains to improve access for the vulnerable to affordable and healthy food.

It will also invest in improving soil quality to help protect agricultural produce from the effects of climate change and pollution.

The program will support the development of digital technology and analytics to improve decision-making for farmers, agribusinesses, and policymakers.

“This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment, while providing opportunities for farmers and agribusinesses," said ADB President Masato Kanda. 

The ADB recently also gave the Philippines loans to help upskill its workers and improve disaster resilience.

It is also helping finance the Malolos–Clark Railway Project.

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