ADB to provide $14 billion to Asia food crisis

MANILA The Asian Development Bank plans to provide $14 billion over 2022 -- 2025 in a comprehensive program of support to help with a food crisis in Asia and the Pacific, its president said on Tuesday.

ADB President Masatsugu Asakawa said that our response will be comprehensive, bringing into focus both the immediate and long term aspects of food security.

The loans will be drawn from the lender's sovereign and private sector operations, according to the ADB.

Russia's invasion of Ukraine has caused a global food crisis as the conflict has disrupted supplies of food staples, fertilizer, straining a global food system already weakened by climate change impact.

Russia has called its actions in Ukraine a military operation.

Asakawa said in a separate remarks at the ADB's 55th annual meeting that this is a timely and urgent response to a crisis that is leaving too many poor families in Asia hungry and in deeper poverty.