Asian Development Bank (ADB) President Masato Kanda said the organization plans to provide an estimated $24 billion in support for Southeast Asia over the next three years including providing a $400 million loan to restore marine ecosystems and strengthen the Blue Economy in the Philippines.
The announcement of the funding for the Philippines was made at the 16th Summits of the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) and the Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT).
To address food systems vulnerabilities, ADB is increasing financing to $40 billion through 2030. In BIMP-EAGA, 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 in addition to the forthcoming $400 million loan for the Philippines marine ecosystems and Blue Economy.
“The region is navigating the impacts of trade and geopolitical tensions, rapid technological change, and growing threats to food and energy security,” said Mr. Kanda. “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.”
Aligned with BIMP-EAGA and IMT-GT priorities 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.
