ADB unveils multi-billion dollar ASEAN support strategy
The Asian Development Bank (ADB) has announced plans to mobilize $30 billion by 2030 to support the development priorities of the ASEAN and strengthen its resilience against external shocks.
ADB President Masato Kanda made the announcement during the 48th ASEAN Summit in Cebu, where he attended as Guest of the Chair, News.Az reports, citing the ADB.
The summit was chaired by Philippine President Ferdinand R. Marcos Jr., and ASEAN leaders welcomed ADB’s long-standing partnership and role as the region’s main development bank.
Kanda said ASEAN has “clear priorities and strong ambitions,” but faces challenges in implementation amid what he described as compounding crises, including geopolitical uncertainty and economic shocks. He added that ADB is channeling financing, expertise, and a $30 billion pipeline of public and private investments to support regional priorities and deliver long-term benefits.
The financing package will focus on five regional flagship initiatives. It includes $6 billion to deepen capital markets and $5 billion to accelerate development of the ASEAN Power Grid. This builds on earlier ADB commitments of up to $10 billion for the power grid through 2035. The initiatives also aim to support artificial intelligence readiness, promote the blue economy, and strengthen river resilience across the region.
ASEAN Secretary-General Kao Kim Hourn welcomed the commitment, calling it a strong signal of confidence in ASEAN’s vision. He said the partnership would help accelerate progress in areas such as energy connectivity, climate resilience, and inclusive growth.
Kanda also addressed wider global economic disruptions linked to the conflict in the Middle East, noting their impact on supply chains. He said ADB is prepared to support the region through fast-disbursing budget assistance and has temporarily reactivated private sector support for oil imports under its Trade and Supply Chain Finance Program.
Earlier on May 7, Kanda attended a Special BIMP-EAGA Summit, reaffirming ADB’s commitment to the subregion’s Vision 2035, including support for economic corridors, the ASEAN Power Grid, food security, and marine ecosystem protection.
On the sidelines of the summits, Kanda held bilateral meetings with several regional leaders, including Sultan of Brunei Hassanal Bolkiah, Cambodia’s Prime Minister Hun Manet, Indonesia’s President Prabowo Subianto, Laos’ Prime Minister Sonexay Siphandone, Malaysia’s Prime Minister Anwar Ibrahim, Singapore’s Prime Minister Lawrence Wong, Thailand’s Prime Minister Anutin Charnvirakul, Timor-Leste’s Prime Minister Xanana Gusmão, and Vietnam’s Prime Minister Le Minh Hung, among others.
By Nijat Babayev
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