ADB mobilizing $30 billion aid package to Asean for global shocks

MANILA, Philippines — The Asian Development Bank (ADB) is mobilizing $30 billion by 2030 to support the Association of Southeast Asian Nations (ASEAN)’s long-term development priorities amid external shocks.

In a statement, the multilateral lender said that the support was announced by ADB president Masato Kanda during the 48th ASEAN Summit chaired by President Marcos in Cebu.

“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.

The $30 billion commitment for the region will target five regional flagship initiatives.

In particular, it will include $6 billion to deepen capital markets and $5 billion to accelerate the ASEAN Power Grid, which is part of ADB’s previously announced support.

In addition, ADB will mobilize investments to enhance ASEAN’s artificial intelligence readiness, promote the blue economy and strengthen rivers’ resilience.

ASEAN secretary-general Kao Kim Hourn welcomed the support as he cited shared priorities to advance energy connectivity and climate resilience for inclusive growth.

“This landmark partnership and ADB’s pledge to mobilize $30 billion by 2030, sends a powerful signal of confidence in ASEAN’s vision and its capacity to deliver. We look forward to working closely with ADB, as our trusted partner, to translate this commitment into tangible outcomes,” he said.

Amid global economic disruptions from tensions in the Middle East, Kanda said the ADB is ready to help the region respond to the impact on supply chains.

Earlier, ADB announced a financial support package to help mitigate the impact of the Middle East conflict on Asia-Pacific countries.

It also reactivated temporary private sector support for oil imports through its Trade and Supply Chain Finance Program.

During the ADB Annual Meeting held in Samarkand, Uzbekistan last week, Finance Undersecretary Joven Balbosa, who represented the Philippines, called for stronger support for climate action, infrastructure and digital transformation initiatives to address global shocks and strengthen resilience.