ADB To Mobilise US30 Bln By 2030 To Support ASEAN Countries

KUALA LUMPUR, May 8 (Bernama) -- The Asian Development Bank (ADB) today will mobilise US$30 billion (US$1 = RM3.91) by 2030 to help ASEAN nations advance long-term development priorities and withstand external shocks.

It said in a statement that the financial package will target five regional flagship initiatives, which included US$6 billion to deepen capital markets and US$5 billion to accelerate the ASEAN Power Grid, which is part of ADB’s previously announced support of up to US$10 billion for the grid through 2035.

It also mobilises investments for advancing artificial intelligence readiness, championing the blue economy and strengthening rivers’ resilience.

ADB president Masato Kanda said 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.

“As the region’s main bank, ADB is channelling financing, expertise and a US$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 said during his attendance at the 48th ASEAN Summit in Cebu, the Philippines.

Kanda also addressed the immediate global economic disruptions linked to the conflict in the Middle East, outlining ADB's readiness to help the region respond to spillovers impacting supply chains.

“To stabilise economies under fiscal pressure, 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 Program,” he said.

-- BERNAMA