Asia needs to invest $1.7 trillion a year in infrastructure to maintain growth—16% of the funds are needed for climate adaptation and mitigation measures.
Twenty million people across Africa and the Middle East are currently facing famine from a prolonged drought. Some affected countries, including Somalia, South Sudan, and Yemen, have more in common than vulnerability to recurring natural disasters and a changing climate – they also struggle with fragile political systems ravaged by conflict.
Efforts by the African Development Bank (AfDB) to upgrade Africa’s agriculture sector is yielding good results with about 5.6 million people benefiting from the Bank’s interventions in the past year.
The World Bank’s Board of Executive Directors today approved US$27.2 million in financing to the Republic of Moldova for the Climate Adaptation Project, which will help Moldovans to protect their farms, forests and pastures from climate change in specific zones, and strengthen national disaster management systems.
The Asian Development Bank (ADB) approved a $2 million grant to finance relief efforts in the country following the recent floods and landslides that claimed the lives of over 200 people and damaged the homes and livelihoods of hundreds of thousands more.