ADB President Reaffirms Strong Support for Regional Cooperation and Integration at BIMP-EAGA and IMT-GT Summits
'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.'
ADB plans to provide an estimated $24 billion in support for Southeast Asia over the next 3 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 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. Mr. Kanda announced a forthcoming $400 million loan at the BIMP-EAGA Summit 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 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.
In a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim, Mr. 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 mobilization 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.
In his meeting with Thai Prime Minister Paetongtarn Shinawatra, Mr. Kanda noted Thailand's strong focus on private sector development. He 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. Founded in 1966, ADB is owned by 69 members—50 from the region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
2 days ago
- The Sun
Malaysia and Vietnam agree to boost strategic cooperation, says PM Anwar
KUALA LUMPUR: Malaysia and Vietnam are prepared to deepen bilateral relations and expand strategic cooperation, Prime Minister Datuk Seri Anwar Ibrahim announced. The commitment follows a phone discussion with Vietnamese Prime Minister Phạm Minh Chính, focusing on shared priorities in trade, innovation, and regional stability. Anwar noted Vietnam's readiness to send a ministerial delegation to Malaysia, reinforcing collaboration ahead of their scheduled meeting in China this September. 'We will remain in contact to advance our partnership,' he stated in a Facebook post. The leaders also addressed global challenges, including US tariffs, and explored joint initiatives in energy security and the ASEAN Power Grid. Anwar welcomed progress in Thailand-Cambodia ceasefire talks, praising Malaysia's monitoring role in conflict zones. 'Continued oversight is vital for ASEAN's peace,' he added. - Bernama
New Straits Times
2 days ago
- New Straits Times
Malaysia, Vietnam call for continued monitoring of Cambodia–Thailand ceasefire
KUALA LUMPUR: Malaysia and Vietnam have reaffirmed the importance of continued monitoring of the ceasefire implementation between Cambodia and Thailand, to ensure lasting peace and stability in the Asean region. Prime Minister Datuk Seri Anwar Ibrahim said the matter was agreed upon during a telephone conversation with his Vietnamese counterpart, Pham Minh Chinh, earlier today. "We welcomed the positive progress in the ceasefire negotiations between Thailand and Cambodia, including the visit by a monitoring team led by Malaysia to the affected areas. "Both parties also stressed the need for ongoing monitoring efforts to safeguard peace and stability in the Asean region," he said in a statement. Cambodia and Thailand agreed to an immediate and unconditional ceasefire following a special meeting on Monday, which brought together Cambodian Prime Minister Hun Manet and acting Thai Prime Minister Phumtham Wechayachai, with Anwar serving as host and Asean chair. During the call, Anwar said they also exchanged views on global issues, including the United States' tariffs, and explored future cooperation in areas such as innovation, energy security, and the Asean Power Grid initiative. He also welcomed Vietnam's readiness to send a ministerial-level delegation to strengthen strategic cooperation between the two countries. Anwar added that both sides would remain in close contact ahead of their next meeting in China, scheduled for early September.
New Straits Times
2 days ago
- New Straits Times
Dewan Rakyat passes key energy bills to boost power security
KUALA LUMPUR: Laws aimed at enhancing and safeguarding Malaysia's electrical energy security were passed in the Dewan Rakyat today following nearly three hours of debate. The Electricity Supply Act 1990 saw 16 amendments, while the Energy Commission Act 2001 was amended in two key areas — primarily to bolster regulatory powers and oversight relating to the import and export of electricity. Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir said the amendments to the Electricity Supply Act were intended to strengthen the existing legal framework and facilitate electricity exports to neighbouring countries such as Thailand and Singapore. "The goal is to ensure stability, expand electricity supply options, safeguard the national grid, and guarantee energy security across the three countries in the event of supply disruptions," he said. He said that the two laws were applicable only in Peninsular Malaysia and Labuan, as electricity supply in Sabah and Sarawak remains under the jurisdiction of their respective state governments. Akmal assured lawmakers that electricity would only be exported when there is a surplus, stressing that domestic supply would remain the government's top priority. "If any disruption occurs, priority will always be given to the national electricity supply," he said during his winding-up speech, adding that Tenaga Nasional Berhad (TNB) is currently the sole electricity exporter under a pilot initiative. He also said that the country's national electricity reserves remained at an optimum level, ranging between 23 and 28 per cent. Revenue generated from conventional electricity import and export would be channelled into the Electricity Industry Fund (KWIE), which is regulated by the Energy Commission, he said. "This fund is used to manage the impact of tariffs on the public. Meanwhile, income from cross-border renewable energy trade will be directed to the Green Electricity Fund, which supports Malaysia's energy transition agenda and the development of its renewable energy sector. "All Malaysians will benefit from the KWIE fund, which is supported by revenue from electricity trade," he added. Akmal also said that Malaysia was still constrained by current transmission line capacities. At present, only 300 megawatts (MW) can be transferred between Malaysia and Thailand, while 500MW can be transmitted between Malaysia and Singapore for commercial use, with an additional 500MW allocated for system security. He said the realisation of the Asean Power Grid remained part of Malaysia's long-term plan to enhance national energy security.
