ADB targets ASEAN resilience with $30 billion in financing
ADB president Masato Kanda meets with ASEAN secretary-general Kao Kim Hourn on May 8, on the sidelines of the 48th ASEAN Summit in Cebu, the Philippines. ASEAN Secretariat
The Asian Development Bank (ADB) has announced that it will mobilise $30 billion by 2030 to support ASEAN as it advances long-term development priorities that will help it withstand external shocks.
The pledge was made by ADB president Masato Kanda during the 48th ASEAN Summit in Cebu, the Philippines, on May 8. The bloc’s leaders welcomed ADB’s longstanding partnership and its role as the region’s main bank.
“ASEAN has clear priorities and strong ambitions, but the challenge now is delivery, especially as the region faces a period of compounding crises, from geopolitical uncertainty to economic shocks,” said Kanda.
“As the region’s main bank, ADB is channelling financing, expertise and a $30 billion pipeline of public and private sector investments to directly support ASEAN’s priorities and deliver lasting benefits for people across the region,” he added.
The $30 billion commitment will target five regional flagship initiatives, including $6 billion to be spent on deepening capital markets and $5 billion to accelerate the ASEAN Power Grid, part of ADB’s previously announced support of up to $10 billion for the grid through 2035.
The bank is also mobilising investments for advancing artificial intelligence readiness, championing the blue economy and strengthening rivers’ resilience.
“ASEAN welcomes ADB’s enhanced commitment to our region and its people. This landmark partnership, and ADB’s pledge to mobilise $30 billion by 2030, sends a powerful signal of confidence in ASEAN’s vision and its capacity to deliver. We look forward to working closely with ADB, as our trusted partner, to translate this commitment into tangible outcomes.
“Together, we can accelerate progress on our shared priorities; from energy connectivity and climate resilience to inclusive growth for all our peoples,” said ASEAN secretary-general Kao Kim Hourn.
Touching on the conflict in the Middle East, the ADB president outlined the bank’s readiness to help the region respond to spillovers impacting supply chains. He explained that ADB is providing fast-disbursing budget support and has reactivated on a temporary basis private sector support for oil imports through its Trade and Supply Chain Finance Programme.
As he attended the Special BIMP-EAGA Summit, Kanda reaffirmed ADB’s commitment to the subregion’s Vision 2035 by supporting economic corridors, advancing the ASEAN Power Grid, and investing in food security and marine ecosystem protection to safeguard livelihoods.
On the sidelines of the summit, he also held several bilateral meetings to strengthen ADB’s partnerships with key leaders and institutions.
They included discussions with Cambodian Prime Minister Hun Manet, as well as the leaders of the Sultan of Brunei Hassanal Bolkiah, and Indonesia’s President Prabowo Subianto.
He also met the leaders of each of the ASEAN member nations, with the exception of Myanmar, and held talks with Kim Hourn.
-Phnom Penh Post-
