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The uncertainties facing Asia and the Pacific are also an opportunity to build a more resilient and sustainable future, Asian Development Bank (ADB) President Masato Kanda said at the opening session of the multilateral lender’s 58th annual meeting of its board of governors in Milan, Italy.
“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,” the ADB quoted Kanda as saying in a May 5 statement.
“Uncertainty is not a reason for retreat. It is a call to be bolder, to move faster, and to work more closely than ever before,” Kanda said.
This year’s ADB annual meeting highlights four focus areas that are central to driving transformational change across Asia-Pacific, the Manila-based lender said.
First, to address the vulnerability of the region’s food systems, the ADB said it will scale up financing for food systems transformation to $40 billion by 2030.
Second, the ADB added that it is investing in digital technologies to improve access to education, finance, and markets, it said.
Third, the 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, it said.
Fourth, the 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, it added.
The ADB also said that it reaffirmed its commitment to scale up private sector development, aiming to increase private sector financing four-fold to $13 billion annually by 2030.
