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Manila Bulletin devider Business devider Banking & Finance devider ADB pledges $30 billion for ASEAN amid global shocks

ADB pledges $30 billion for ASEAN amid global shocks

Published May 9, 2026 09:08 am

The Asian Development Bank (ADB) will mobilize $30 billion by 2030 to help the Association of Southeast Asian Nations (ASEAN) strengthen long-term development priorities and withstand external economic shocks.

ADB president Masato Kanda announced the commitment during the 48th ASEAN Summit in Cebu province, where regional leaders welcomed the Manila-based multilateral lender’s longstanding partnership with the bloc and its role as the region’s primary development bank.

Kanda attended the summit as guest of the chair under Philippine President Ferdinand R. Marcos Jr., who chaired the regional gathering.

“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,” Kanda said in a statement on Friday night, May 8.

“As the region’s main bank, the ADB is channeling financing, expertise, and a $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 added.

According to the ADB, the financing package will support five flagship regional initiatives aimed at strengthening long-term resilience.

The package includes $6 billion to deepen regional capital markets and $5 billion to accelerate the ASEAN Power Grid initiative.

The lender noted that the power grid allocation forms part of its previously announced support package of up to $10 billion for the ASEAN Power Grid through 2035.

The ADB said the broader funding commitment would also mobilize investments for artificial intelligence (AI) readiness, blue economy initiatives, and river resilience programs.

For his part, ASEAN Secretary-General Kao Kim Hourn welcomed the lender’s expanded commitment to the region.

“ASEAN welcomes the ADB’s enhanced commitment to our region and its people. This landmark partnership, and the ADB's pledge to mobilize $30 billion by 2030, sends a powerful signal of confidence in ASEAN’s vision and its capacity to deliver,” Kao said.

“We look forward to working closely with the ADB, as our trusted partner, to translate this commitment into tangible outcomes. Together, we can accelerate progress on our shared priorities; from energy connectivity and climate resilience to inclusive growth for all our peoples,” he added.

The ADB also said Kanda discussed the immediate economic disruptions arising from the ongoing conflict in the Middle East, particularly spillover effects on supply chains and regional economies.

According to the lender, it is prepared to provide fast-disbursing budget support for economies facing fiscal pressures.

It also temporarily reactivated private sector support for oil imports through its trade and supply chain finance program.

Earlier last Thursday, May 7, Kanda also attended the special Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit, where he reaffirmed the ADB’s support for the subregion’s Vision 2035 through investments in economic corridors, food security, marine ecosystem protection, and the ASEAN Power Grid.

On the sidelines of the ASEAN meetings, Kanda held bilateral discussions with several regional leaders, including Indonesian President Prabowo Subianto, Malaysian Prime Minister Anwar Ibrahim, Singaporean Prime Minister Lawrence Wong, Thai Prime Minister Anutin Charnvirakul, and Vietnamese Prime Minister Le Minh Hung, as well as Kao.

Related Tags

Asian Development Bank (ADB) Masato Kanda Association of Southeast Asian Nations (ASEAN) Ferdinand Bongbong Marcos Jr. BIMP-EAGA
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