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ISLAMABAD, May 5 (APP): Asian Development Bank (ADB) President Masato Kanda on Monday stressed the need for collective action to tackle complex challenges, describing the uncertainties facing Asia and the Pacific as an “opportunity” to build a more resilient and sustainable future.
“External shocks, debt burdens, and climate change weigh heavily on the people and economies of the region. 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,” Kanda said at the opening session of ADB’s 58th annual meeting of the Board of Governors (BoG) in Milan, Italy.
He said uncertainty was not a reason for retreat, adding “It is a call to be bolder, to move faster, and to work more closely than ever before,” according to a news release.
More than 5,000 participants joined the annual meeting, consisting of representatives of governments, including Italian Prime Minister Giorgia Meloni, the private sector, civil society and academia.
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 also spoke at the opening session, emphasizing Italy’s partnership with ADB.
“Enhanced collaboration will support higher and sustainable long-term economic growth, avoiding the materialization of downside risks and mitigating their possible consequences,” said Giorgetti.
“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.”
This year’s annual meeting highlights four focus areas that are central to driving transformational change across Asia and the Pacific.
First, to address the vulnerability of the region’s food systems, ADB would scale up financing for food systems transformation to $40 billion by 2030.
Second, ADB is investing in digital technologies to improve access to education, finance and markets.
Third, ADB is investing in modernizing and connecting energy systems, including readiness to commit up to $10 billion to support work on the ASEAN Power Grid.
Fourth, ADB is deepening investments to build resilience by strengthening infrastructure, restoring and protecting ecosystems, and helping vulnerable communities adapt to the impacts of climate change.
ADB also reaffirmed its commitment to scale up private sector development, aiming to increase private sector financing four-fold to $13 billion annually by 2030.