MANILA, PHILIPPINES — Asian Development Bank (ADB) President Masato Kanda met economic ministers from the Association of Southeast Asian Nations (ASEAN) last week and committed to increasing ADB’s support for the regional bloc as it begins to implement its long-term plan ASEAN Vision 2045.
“In an uncertain world, Southeast Asia is choosing economic integration and cooperation,” said Mr. Kanda, addressing the 32nd ASEAN Economic Ministers’ Retreat. “ADB is stepping up as the region’s premier financing and advisory partner to help build an integrated Southeast Asia that is resilient enough to withstand the challenges ahead.”
To turn these ambitions into action, the bank’s support will focus on three areas: dedicated financing for sovereign and private sector operations aligned with ASEAN priorities, upstream project development to ensure regional initiatives are investment-ready, and deeper regional coordination to provide advisory support to ASEAN sectoral bodies.
Recognizing these long-term goals face immediate global headwinds, particularly the ongoing conflict in the Middle East and potential spillover effects in Asia, including higher energy costs and inflation, Mr. Kanda stated during his meeting with the ministers that ADB is ready to help ASEAN member states respond if needed.
ADB is also advancing a broad scope of long-term support for ASEAN. A lead example is the ASEAN Power Grid, where ADB is ready to commit up to $10 billion over the next decade. The bank is also developing other regional initiatives to build AI readiness, deepen capital markets, develop the blue economy, and build river and flood resilience. Through these initiatives, ADB is stepping up as the region’s main bank to help translate regional ambitions into investment and implementation at scale.
This week, ASEAN economic ministers gathered in Manila to discuss the regional and global economic outlook and regional economic priorities. ADB also supported the ASEAN Business Environment Forum and launched a new report, Advancing the Green Economy Transition in ASEAN, convening government and private sector leaders and underscoring the bank’s broader support for ASEAN’s economic transformation.
