VIENTIANE (Vientiane Times/ANN) – The Asian Development Bank (ADB) and the Laos government on September 6 signed an agreement for a USD40.5-million grant for the Climate-Friendly Agribusiness Value Chains Sector Project, which will help farmers and agribusiness develop sustainable and climate-smart agriculture value chains.
The agreement was signed in Vientiane by Deputy Minister of Finance Thipphakone Chanthavongsa and ADB Country Director to the Lao PDR Yasushi Negishi.
Senior officials from the Ministry of Agriculture and Forestry and other ministries were present at the signing ceremony. “Agriculture makes up a significant portion of the Lao economy but the sector’s vulnerability to climate change threatened by floods and droughts puts the country’s development prospects and food security at risk,” said Negishi.
“This project realises a joint effort between the government of Laos and ADB to tackle the challenges in order to make the country’s agricultural production more commercialised, sustainable, and climate-resilient, while promoting regional integration, cooperation, and the competitiveness of agribusiness value chains to support the country’s economic development.”