Uncertainties facing Asia and the Pacific present an opportunity to build a more resilient and sustainable future, Asian Development Bank (ADB) president Masato Kanda said at the opening of the ADB’s 58th annual meeting 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,” Kanda said.
“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,” he said.
More than 5,000 participants, including government representatives such as Italian Prime Minister Giorgia Meloni, as well as figures from the private sector, civil society, and academia, are attending the annual meeting in Milan.
Italian Minister of Economy and Finance Giancarlo Giorgetti and Bank of Italy Governor and ADB board of governors chair Fabio Panetta also spoke at the opening session, emphasizing Italy’s partnership with the ADB.
“Enhanced collaboration will support higher and sustainable long-term economic growth, avoiding the materialization of downside risks and mitigating their possible consequences,” Giorgetti said.
“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 nonregional,” he said.
This year’s annual meeting is focusing on four key areas to drive transformational change across Asia and the Pacific.
First, to address the vulnerability of the region’s food systems, the ADB will scale up financing for food systems transformation to $40 billion by 2030.
Second, the ADB is investing in digital technologies to improve access to education, finance, and markets.
Third, the ADB is investing in modernizing and connecting energy systems, including a readiness to commit up to $10 billion to support work on the ASEAN Power Grid.
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.
The ADB also reaffirmed its commitment to scaling up private sector development, aiming to increase private sector financing four-fold to $13 billion annually by 2030.