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By Mohd Iswandi Kasan Anuar
JAKARTA, Sept 16 (Bernama) -- Asian Development Bank (ADB) said food systems are under mounting strain from increased frequency and severity of weather extremes, the impacts of the COVID-19 pandemic, supply chain disruptions, and increasing conflict and insecurity.
These have triggered rising global food prices as reflected by the Food and Agriculture Organisation of the United Nations Food Price Index that climbed 54 per cent from May 2020-June 2022.
“There is a growing food crisis that means more families are going hungry every day in developing countries in Asia,” ADB’s Trade and Supply Chain Finance Programme (TSCFP) head Steven Beck said.
In a statement, he said the bank has increased its TSCFP’s risk limits on trade finance guarantees for food imports by US$300 million to ease worsening food shortages in Asia and the Pacific.
“The new higher limits enable us and our partner banks to expand trade financing and improve food security in Asia’s developing economies,” he said.
Since March 2021, TSCFP has supported over 1,900 food and agriculture-related imports valued at US$2.3 billion to 10 countries in developing Asia, especially Bangladesh, Vietnam, and Pakistan.
Backed by ADB's AAA credit rating, TSCFP provides loans and guarantees to over 200 partner banks to support trade, creating import and export opportunities for enterprises across Asia and the Pacific.
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