ADB to provide $24 Billion to ASEAN Till 2028

The Manila-headquartered Asian Development Bank (ADB) plans to provide an estimated $24 billion in support for Southeast Asia over the next three years, with a strong focus on deepening regional cooperation and integration.

This includes expanded investments to strengthen connectivity, private sector-led growth, energy integration, and food security. To address food systems vulnerabilities, ADB is increasing financing to $40 billion through 2030.

In Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA), which is known as the “ASEAN’s food basket,” ADB has invested $500 million for agricultural development, $93 million for sustainable aquaculture, and $500 million for plastic marine debris reduction.

ADB President Masato Kanda has further announced a forthcoming $400 million loan at the BIMP-EAGA Summit, which concluded in Malaysia on Wednesday, to restore marine ecosystems and strengthen the blue economy in the Philippines.

ADB’s commitment to energy integration includes readiness to provide $10 billion in financing to accelerate action on the ASEAN Power Grid through cross-border interconnections, national grid expansions, and renewable energy.

Aligned with the priorities of the BIMP-EAGA and the Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT) to enhance connectivity through the private sector, ADB is scaling up private sector financing with a projected four-fold increase to $13 billion annually by 2030. It aims to double its trade and supply chain financing for Southeast Asia to $2.5 billion annually by 2030.

Masato Kanda, who addressed the delegates of the twin summits of the (BIMP-EAGA) and the IMT-GT in Malaysia, has also reaffirmed ADB’s strong commitment to advancing regional cooperation and integration at the events.

He said that ADB was actively advancing national-level initiatives that contribute to ASEAN and strengthen IMT-GT cooperation.

In Indonesia, ADB will scale up its support for food security, clean energy transition including renewable energy development, and water security and climate resilience in coastal areas and river basins.

In Thailand, it will strengthen connectivity to the Eastern Economic Corridor, enhance healthcare systems, accelerate e-mobility adoption, and promote climate-resilient agriculture.  A key initiative in Thailand is the upcoming $2.2 billion multi-tranche financing facility for the Chao Phraya floods management project, he said.

According to him, the region was navigating the impacts of trade and geopolitical tensions, rapid technological change, and growing threats to food and energy security.

“Yet these challenges also present exceptional opportunities to strengthen resilience and drive sustainable economic growth. Our longstanding partnerships will help us turn obstacles into new pathways for progress,” he said.

Bilateral Meetings

In a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim, Kanda commended Malaysia’s leadership in ASEAN, including its role in advancing the ASEAN Power Grid.

He expressed interest in deepening cooperation, particularly in private sector mobilisation and regional cooperation and integration. He welcomed the renewed Agreement of Cooperation between Malaysia and ADB, and reaffirmed ADB’s knowledge support for green city development across 14 cities.

Taking note of Thailand’s strong focus on private sector development during his meeting with Thai Prime Minister Paetongtarn Shinawatra, Kanda welcomed renewed momentum in sovereign lending to the country, which will support transport, health care, and flood management.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific.

Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet.