Cebu: The Asian Development Bank (ADB) today announced plans to mobilise US$30 billion by 2030 to assist ASEAN nations in advancing long-term development priorities and managing external shocks. The financial package will focus on five regional flagship initiatives, including US$6 billion to deepen capital markets and US$5 billion to accelerate the ASEAN Power Grid. This forms part of ADB's earlier commitment of up to US$10 billion for the grid by 2035.

According to BERNAMA News Agency, the financial package will also mobilise investments to enhance artificial intelligence readiness, promote the blue economy, and strengthen river resilience. ADB President Masato Kanda emphasized that while ASEAN has clear priorities and strong ambitions, the current challenge lies in execution amidst geopolitical uncertainties and economic shocks.

Kanda highlighted that as the primary bank for the region, ADB is directing financing, expertise, and a US$30 billion pipeline of public and private sector investments to support ASEAN's objectives and deliver sustainable benefits for people across the region. He made these remarks during the 48th ASEAN Summit in Cebu, the Philippines.

Additionally, Kanda addressed the immediate global economic disruptions related to the conflict in the Middle East, affirming ADB's preparedness to assist the region in managing spillover effects impacting supply chains. He noted that to stabilize economies under fiscal strain, ADB is offering fast-disbursing budget support and has temporarily reactivated private sector support for oil imports through its Trade and Supply Chain Finance Program.