The Asian Development Bank (ADB) has committed $4.1 million in technical assistance to help Asia and the Pacific’s agri-food value chains and rural economies recover from the COVID-19 pandemic’s effects.
COVID-19’s impact on the region’s food and nutrition security, as well as rural livelihood, will be assessed as part of the Green and Resilient Rural Recovery through Agri-Food System Transformation in the Asia and Pacific Region initiative.
According to a news release, it will also assist developing member countries (DMCs) in transforming investments toward a green, resilient, and inclusive recovery from COVID-19, which has worsened rural poverty and food and nutrition insecurity, particularly among women and the vulnerable.
“Our food systems, nature, and climate are inextricably linked,” said ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono.
“As ADB looks to achieve its climate ambition and scale up nature capital investment, food system transformation has become a pressing priority,” added Susantono.
The technical assistance will aid in the development of a three-pillared Innovative Natural Capital Financing Facility (INCFF), which will include a regional Natural Capital Lab, a Natural Capital Fund, and a Digital Marketplace Platform.
The INCFF will help to accelerate climate-friendly adaptation and mitigation investments, as well as decrease biodiversity loss and protect rural livelihoods.
The program will assist DMCs in conducting risk and vulnerability assessments in order to better understand the pandemic’s impact on important agribusiness value chains and establish appropriate policy and investment responses.
The funds will be used to research novel approaches to establishing sustainable and inclusive agribusiness value chains and to test climate-smart agriculture solutions.
The ADB plans to work with academics, multilateral and bilateral agencies, and DMCs to provide technical assistance.
The ADB’s Technical Assistance Special Fund ($1.5 million), the Climate Change Fund ($750,000), the Regional Cooperation and Integration Fund ($500,000), the Strategic Climate Fund ($550,000), and the People’s Republic of China Poverty Reduction and Regional Cooperation Fund ($800,000) are all contributing to the assistance.
