ADB urges collective action to solve complex challenges together

The Asian Development Bank (ADB) on Monday called for stronger collective efforts to tackle growing challenges in Asia and the Pacific, and urged countries to respond boldly to uncertainty by teaming up together and speeding up action.

Speaking at the opening of ADB’s 58th Annual Meeting of the Board of Governors, ADB president Masato Kanda noted that the region faces mounting pressures from external shocks, debt burdens, and climate change.

However, he said that the progress already made and currently there is a need to build on that momentum.

“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,” said Kanda. “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.”

Over 5,000 participants representing governments, the private sector, media, and civil society have come to Milan for ADB’s 58th Annual Meeting. It was a great privilege to welcome them, and our Board of Governors, at the Opening Session today.

We meet at a time where external… pic.twitter.com/dS32c9wxgM

— Masato Kanda (@ADBPresident) May 5, 2025

The ADB annual meeting in Milan had more than 5,000 participants, including officials from member governments, the private sector, civil society, and academia.

The four-day meeting focuses on priority areas for the region’s transformation.

To address vulnerabilities in the food sector, ADB announced plans to boost financing for food systems transformation to $40 billion by 2030. It is also increasing investments in digital technologies to improve access to education, finance, and markets.

In the energy sector, ADB said it is ready to commit up to $10 billion to support the ASEAN Power Grid. It is also increasing support for climate resilience by improving infrastructure, protecting ecosystems, and helping communities in adapting to environmental changes.

ADB also reiterated its intention to expand private sector engagement, targeting a four-fold increase in annual private sector financing to reach $13 billion by 2030.

ADB was founded in 966 and is owned by 69 members, of which 50 are from Asia and the Pacific.