The Asian Development Bank (ADB) has announced a major commitment to support long-term development in Southeast Asia. The bank will mobilize $30 billion by 2030 to help ASEAN countries pursue their strategic priorities and better withstand external shocks. ADB President Masato Kanda shared this announcement during the 48th ASEAN Summit held in Cebu.

The initiative was welcomed by ASEAN leaders, who acknowledged ADB’s long-standing role as the region’s key development partner. The Summit was chaired by Philippine President Ferdinand R. Marcos Jr., with Mr. Kanda attending as the Guest of the Chair.Mr. Kanda emphasized that ASEAN has strong ambitions for the future, but the region is currently facing a combination of geopolitical uncertainties and economic pressures.

To support ASEAN during this challenging phase, ADB is offering both financing and technical expertise, backed by a $30 billion pipeline of investments across the public and private sectors.This commitment will focus on five major regional initiatives designed to strengthen long-term resilience. As part of the package, $6 billion will be allocated to deepen capital markets and $5 billion will support the strengthening of the ASEAN Power Grid.

This grid initiative is part of ADB’s broader plan to invest up to $10 billion in regional power connectivity through 2035. Additional support will be directed toward enhancing artificial intelligence readiness, advancing the blue economy, and improving the resilience of rivers and water systems.ASEAN Secretary-General Kao Kim Hourn expressed strong appreciation for ADB’s increased support.

He stated that the commitment reflects confidence in ASEAN’s vision and provides momentum to advance shared goals including energy connectivity, climate resilience, and inclusive growth.During the summit, Mr. Kanda also addressed the economic uncertainties arising from the conflict in the Middle East. He assured ASEAN leaders that ADB is ready to help countries manage supply chain disruptions and other spillover effects.

To ease fiscal pressures, ADB is currently providing fast-disbursing budget support and has temporarily revived private sector assistance for oil imports through its Trade and Supply Chain Finance Program.Earlier, on 7 May, Mr. Kanda participated in the Special BIMP-EAGA Summit, where he reaffirmed ADB’s support for the subregion’s Vision 2035.

This includes investments in economic corridors, further development of the ASEAN Power Grid, and initiatives promoting food security and protection of marine ecosystems.On the sidelines of the summits, Mr. Kanda held several bilateral discussions with leaders from across Southeast Asia to strengthen cooperation.

These meetings involved heads of state and government from Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Timor-Leste, Viet Nam, and ASEAN’s Secretary-General.ADB continues to serve as a leading development bank in Asia and the Pacific.

Established in 1966 and owned by 69 members—50 of them from the region—it works closely with countries and institutions to promote sustainable, inclusive, and resilient growth. Through innovative financial solutions and strategic partnerships, ADB aims to improve lives, support quality infrastructure, and help safeguard the environment for future generations.

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