ADB Commits US$30 Billion To Strengthen ASEAN Resilience By 2030
New Funding Package To Support Infrastructure, Energy, AI and Regional Economic Stability
KUALA LUMPUR — Asian Development Bank (ADB) has announced a US$30 billion financing commitment through 2030 to help ASEAN countries strengthen economic development and improve regional resilience against growing global uncertainty.
According to ADB, the funding will support several major strategic initiatives focusing on infrastructure development, energy security, advanced technology and regional economic resilience.
Among the key initiatives receiving support are efforts to strengthen ASEAN capital markets through a US$6 billion allocation, as well as US$5 billion to accelerate the development of the ASEAN Power Grid.
The allocation for the ASEAN Power Grid forms part of ADB’s broader commitment of up to US$10 billion for the initiative through 2035.
Beyond the energy sector, the financing package will also focus on artificial intelligence readiness, blue economy development and efforts to improve river resilience across Southeast Asia.
President of the Asian Development Bank, Masato Kanda, said ASEAN already has clear development priorities, but the main challenge now is ensuring effective implementation amid an increasingly uncertain global environment.
According to him, ASEAN countries are currently facing multiple pressures including geopolitical tensions, global economic disruptions and supply chain instability.
“ADB will continue providing financing, expertise and public-private sector investments to support ASEAN’s development agenda and ensure long-term benefits for the people of the region,” he said.
He made the remarks while attending the 48th ASEAN Summit in Cebu, the Philippines.
Masato Kanda also noted that the ongoing conflict in West Asia has significantly affected the global economy, including fiscal pressures and supply chain disruptions that are also impacting ASEAN countries.
As a result, he said ADB is prepared to assist member states in addressing the spillover effects of the crisis through various forms of financial support.
According to him, ADB is offering fast-disbursing budget assistance for countries in need while temporarily reactivating private sector support for oil imports through its Trade and Supply Chain Finance Program.
The move is viewed as an important step in helping ASEAN economies maintain stability and continue advancing regional development agendas despite increasingly challenging global conditions.
-wilayah.com.my
