The uncertainties facing the Asia-Pacific region are an opportunity to build a more resilient and sustainable future, according to Asian Development Bank ( ADB ) president Masato Kanda.

Speaking during the ADB’s 58th annual meeting of the board of governors, Kanda states: “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. Uncertainty is not a reason for retreat. It is a call to be bolder, move faster and work more closely than ever before.”

Giancarlo Giorgetti, the minister of economy and finance for Italy, an ADB founding member, who also attended the meeting, adds: “Enhanced collaboration will support higher and sustainable long-term economic growth, avoiding the materialization of downside risks and mitigating their possible consequences.

“As a leading multilateral development bank and trusted partner in Asia and the Pacific, the ADB has been working to solve complex challenges together with its members and partners, both regional and non-regional.”

Four focus areas

This year’s meeting highlights four focus areas that are central to driving transformational change across the Asia-Pacific.

First, to address the vulnerability of the region’s food systems, the ADB will scale up financing for food systems transformation to US$40 billion by 2030.

Second, the bank 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 committing up to US$10 billion to support work on the Asean Power Grid.

Fourth, development bank is deepening investments to build resilience by strengthening infrastructure, restoring and protecting ecosystems, and helping vulnerable communities adapt to the impacts of climate change.

As well, the ADB also reaffirms its commitment to scale up private sector development, aiming to increase private sector financing four-fold to US$13 billion annually by 2030.