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ADB bolsters cooperation, integration in Southeast Asia

Within the BIMP-EAGA framework, which includes Brunei, Indonesia, Malaysia, and the Philippines, ADB has invested 500 million USD in agricultural development, 93 million USD in sustainable aquaculture, and another 500 million USD in ocean plastic waste reduction.

Asian Development Bank (ADB) President Masato Kanda (Photo: Kyodo/ VNA)
Asian Development Bank (ADB) President Masato Kanda (Photo: Kyodo/ VNA)

Hanoi (VNA) - Asian Development Bank (ADB) President Masato Kanda on May 28 reaffirmed the bank's commitment to enhancing regional cooperation and integration in Southeast Asia at the 16th Summit of the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) and the Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT) held in Kuala Lumpur.

President Kanda announced that ADB plans to provide approximately 24 billion USD in support to Southeast Asia over the next three years. This funding aims to deepen regional cooperation and integration, focusing on expanding investments to improve connectivity, promoting private sector-led growth, integrating energy systems, and ensuring food security.

The bank is increasing its financial commitment to food and nutrition security in Asia and the Pacific to 40 billion USD by 2030. This expanded support will fund comprehensive programmes covering the entire food production process, from farming and processing to distribution and consumption.

Within the BIMP-EAGA framework, which includes Brunei, Indonesia, Malaysia, and the Philippines, ADB has invested 500 million USD in agricultural development, 93 million USD in sustainable aquaculture, and another 500 million USD in ocean plastic waste reduction. The bank has also committed $10 billion to support the ASEAN Power Grid Project, focusing on cross-border connections, upgrading power grids, and developing renewable energy.

To foster regional connectivity through the private sector, ADB is expanding its private sector financing, aiming to quadruple it to 13 billion USD annually by 2030. The bank also plans to double its trade and supply chain financing for Southeast Asia to 2.5 billion USD per year within the same timeframe./.

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