ADB President Calls for Enhanced Regional Cooperation in Asia-Pacific
ADB President urges deeper regional cooperation for Asia-Pacific resilience
News 18
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At the Asian Development Bank's 59th Annual Meeting in Samarkand, ADB President Masato Kanda emphasized the need for deeper regional cooperation and cross-border connectivity to foster resilience and inclusive growth in Asia and the Pacific. He highlighted the challenges posed by economic and geopolitical shocks and outlined ADB's substantial financial commitments to address these issues.
- 01ADB President Masato Kanda advocates for regional cooperation to tackle global challenges.
- 02The ADB extended financial support of $29.3 billion last year.
- 03A $70 billion program aims to enhance regional resilience, including a $50 billion initiative for a Pan-Asia Power Grid.
- 04Economic growth in developing Asia is projected to slow to 4.7% this year.
- 05Inflation in the region may rise to 5.2%, with potential for further increases amid geopolitical tensions.
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During the opening session of the Asian Development Bank's (ADB) 59th Annual Meeting in Samarkand, Uzbekistan, President Masato Kanda called for enhanced regional cooperation and connectivity across Asia and the Pacific. He stressed that traditional development approaches are insufficient in the face of growing economic and geopolitical shocks that disproportionately affect vulnerable communities. Kanda urged nations to collaborate in building integrated and resilient systems to secure a better future for the next generation.
The ADB has committed to scaling up investments, having provided $29.3 billion in financial support last year. Kanda announced a comprehensive $70 billion program aimed at strengthening regional resilience, which includes a $50 billion initiative to develop a Pan-Asia Power Grid for renewable energy integration and a $20 billion plan to enhance cross-border digital connectivity.
Amid ongoing conflicts in West Asia, Kanda warned of potential disruptions that could lead to increased energy prices and dampened economic activity. Projections indicate that growth in developing Asia and the Pacific may slow to 4.7% this year, with inflation expected to rise to 5.2%. Kanda reaffirmed ADB's commitment to being an anchor of stability in the region, emphasizing the importance of mobilizing private sector investment and addressing environmental challenges.
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The ADB's initiatives aim to bolster economic stability and growth across Asia and the Pacific, which could improve living conditions and economic opportunities for vulnerable communities.
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