At the 48th ASEAN Summit in Cebu, the Asian Development Bank (ADB) announced it will mobilize $30 billion by 2030 to support ASEAN’s long-term development priorities and resilience against external shocks. ADB President Masato Kanda emphasized that the bank, as ASEAN’s main financial partner, is channeling financing and expertise to deliver tangible benefits across the region.
The $30 billion commitment will target five flagship initiatives: deepening capital markets, accelerating the ASEAN Power Grid, advancing artificial intelligence readiness, championing the blue economy, and strengthening rivers’ resilience. Of this, $6 billion will go toward capital markets and $5 billion toward the power grid, part of ADB’s broader $10 billion support for the grid through 2035. ASEAN leaders welcomed the pledge, calling it a landmark partnership that reinforces confidence in the bloc’s vision and capacity to deliver.
Kanda also addressed immediate global disruptions linked to the Middle East conflict, noting ADB’s readiness to help ASEAN respond to supply chain spillovers. To stabilize economies under fiscal pressure, ADB is providing fast-disbursing budget support and temporarily reactivating private sector support for oil imports through its Trade and Supply Chain Finance Program.
On May 7, Kanda attended the Special BIMP-EAGA Summit, reaffirming ADB’s commitment to Vision 2035 by supporting economic corridors, advancing energy connectivity, and investing in food security and marine ecosystem protection. He also held bilateral meetings with leaders from Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, Singapore, Thailand, Timor-Leste, Viet Nam, and ASEAN Secretary-General Kao Kim Hourn to strengthen partnerships.
ADB’s pledge underscores its role as a leading multilateral development bank dedicated to sustainable, inclusive, and resilient growth across Asia and the Pacific. Founded in 1966 and owned by 69 members, ADB continues to harness financial tools and strategic partnerships to transform lives, build infrastructure, and safeguard the planet.
