Mr Masato Kanda addresses the annual meeting of the ADB’s Board of Governors. –Photo ADB

ADB President urges joint action on Asia’s challenges

Asian Development Bank President Masato Kanda has called for bold and collective action to tackle pressing challenges in Asia and the Pacific.
Speaking at the opening of the 58th Annual Meeting of the Board of Governors in Milan, Italy, Mr Kanda said uncertainty caused by climate change, debt burdens and global shocks must not lead to retreat, but should be met with faster and more united responses, according to the ADB website.
“External shocks, debt burdens, and climate change weigh heavily on the people and economies of the region,” he said.
“But we are not starting from zero. Growth remains solid, trade and economic integration are deepening, supply chains are diversifying, and digital connectivity and innovation are accelerating.”
More than 5,000 people from governments, the private sector, civil society, and academia attended the meeting in Italy.
Among them were Italian Prime Minister Giorgia Meloni, Italian Minister of Economy and Finance Giancarlo Giorgetti, and Governor of the Bank of Italy and Chair of the ADB Board of Governors, Fabio Panetta.
Mr Giorgetti highlighted the importance of deeper collaboration to support sustainable long-term growth and to manage economic risks.
“As a leading multilateral development bank and trusted partner in Asia and the Pacific, ADB has been working to solve complex challenges together with its members and partners, both regional and non regional,” he said.
The annual meeting this year focuses on four key areas to drive transformative change in Asia and the Pacific.
Firstly, the Asian Development Bank will scale up funding for food systems, with a commitment of US$40 billion by 2030 to strengthen food security and resilience.
Secondly, the bank is investing in digital technology to improve access to education, financial services, and markets.
Thirdly, it plans to commit up to US$10 billion to support the ASEAN Power Grid, aiming to modernise and connect energy systems across Southeast Asia.
Fourthly, the bank is expanding support for infrastructure and ecosystem protection to help vulnerable communities adapt to the impacts of climate change.
To increase its impact, the Asian Development Bank will also scale up private sector financing to US$13 billion per year by 2030.
The bank was established in 1966 and now has 69 member countries, including 50 from Asia and the Pacific.
It works to support inclusive, resilient and sustainable growth by using innovative financial tools and building strong partnerships to address complex development challenges.

By Times Reporters
(Latest Update May 8, 2025)