COVID-19: ADB allocates $4.1m to support rural recovery

The Asian Development Bank has allocated $4.1 million in technical assistance to help agri-food value chains and rural economies in Asia and the Pacific recover from the impacts of COVID-19 pandemic.

The Green and Resilient Rural Recovery through Agri-Food System Transformation in the Asia and Pacific Region program will assess the impacts of COVID-19 on the region's food and nutrition security and rural livelihood.

It will also help developing member countries (DMCs) transform investments toward a green, resilient, and inclusive recovery from COVID-19, which has exacerbated rural poverty and food and nutrition insecurity, particularly among women and the vulnerable, said a press release.

"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 help develop the concept of a three-pillared Innovative Natural Capital Financing Facility (INCFF) consisting of a regional Natural Capital Lab, a Natural Capital Fund, and a Digital Marketplace Platform.

The INCFF will catalyze climate-positive adaptation and mitigation investments and reduce the erosion of biodiversity while protecting rural livelihoods.