58th Annual Meeting: ADB President Urges Bold, United Action Amid Asia-Pacific Uncertainties

At the 58th Annual Meeting of the Asian Development Bank (ADB) Board of Governors, held in Milan, Italy, ADB President Masato Kanda delivered a resolute message: Asia and the Pacific, though beset by unprecedented challenges, stand on the brink of a new era of resilience and sustainable growth. Speaking to over 5,000 delegates from governments, the private sector, civil society, and academia, President Kanda emphasized that external shocks, debt burdens, and climate change should not paralyze the region—but instead galvanize it toward accelerated action and deeper cooperation.

“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,” Kanda said in his keynote address.

Despite prevailing concerns, he highlighted that the region is not starting from scratch. Growth indicators remain solid, regional trade is expanding, supply chains are diversifying, and innovation driven by digital connectivity is advancing at a rapid pace. These foundational strengths, Kanda argued, provide a robust platform for launching transformative initiatives.

Global Voices Unite for Shared Prosperity

The Milan gathering was marked by high-level representation, notably from Italian Prime Minister Giorgia Meloni, Italian Minister of Economy and Finance Giancarlo Giorgetti, and Governor of the Bank of Italy and Chair of the ADB Board of Governors Fabio Panetta. The Italian leadership reaffirmed its strong partnership with ADB, underscoring the significance of collaborative solutions to global economic and development challenges.

Giorgetti noted that enhanced international cooperation is crucial for maintaining long-term economic stability and for averting potential downside risks.

“ADB has been working to solve complex challenges together with its members and partners, both regional and nonregional,” Giorgetti said, lauding ADB’s track record of reliability and innovation.

Strategic Priorities for Transformation

This year’s Annual Meeting spotlighted four core focus areas, each essential for shaping a resilient, inclusive, and sustainable future for Asia and the Pacific:

1. Transforming Food Systems

Recognizing the fragility of food systems across the region, ADB committed to scaling up its financing in this sector to $40 billion by 2030. This investment aims to strengthen agricultural productivity, food security, and rural livelihoods while mitigating the effects of climate volatility on food supply chains.

2. Driving Digital Innovation

Digital technologies are central to equitable development. ADB is ramping up investments to expand access to digital tools in education, finance, and market systems. These efforts aim to bridge the digital divide and empower marginalized communities through improved connectivity and economic opportunity.

3. Modernizing Energy Networks

As part of its clean energy agenda, ADB reaffirmed its readiness to commit up to $10 billion for the development of the ASEAN Power Grid. This initiative will support cross-border electricity trade, integrate renewable energy sources, and enhance energy security across Southeast Asia.

4. Strengthening Climate and Infrastructure Resilience

In response to the intensifying climate crisis, ADB is prioritizing investment in climate-resilient infrastructure, ecosystem restoration, and adaptive solutions for vulnerable populations. These projects are intended to safeguard natural resources, enhance disaster preparedness, and promote long-term sustainability.

Expanding the Role of the Private Sector

Another cornerstone of ADB’s strategic vision is to substantially boost private sector participation in development financing. The bank aims to quadruple its private sector financing to $13 billion annually by 2030. This expansion will leverage private capital for public good, accelerate innovation, and promote inclusive business models.

ADB’s Enduring Commitment

Founded in 1966 and owned by 69 members, including 50 from within Asia and the Pacific, ADB continues to serve as a vital partner in the region’s development. Through strategic partnerships, innovative financing tools, and its steadfast mission to alleviate poverty and promote sustainable growth, ADB is uniquely positioned to help its members navigate uncertainty while embracing opportunity.

As the 58th Annual Meeting concludes, the message is clear: With cooperation, innovation, and bold leadership, Asia and the Pacific can transform today’s challenges into tomorrow’s breakthroughs.