The Asian Development Bank (ADB) said it will extend a $24-billion financing support for Southeast Asian countries, including a $400-million loan for the Philippines’ “blue economy.”
ADB President Masato Kanda made the announcement in Kuala Lumpur 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).
In a speech delivered on Tuesday, Kanda said the multilateral development bank plans to provide an estimated $24 billion support for Southeast Asia over the next three years.
“The region is navigating the impacts of trade and geopolitical tensions, rapid technological change, and growing threats to food and energy security,” Kanda said.
“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,” Kanda added.
PH blue economy
Kanda also announced a forthcoming $400 million loan for the Philippines “to restore marine ecosystems and strengthen the blue economy.”
ADB defines “blue economy” as the sustainable use of ocean resources to drive economic growth, improve livelihoods, and ensure the long-term health of marine ecosystems. This includes fisheries, manufacturing of ocean-based products, tourism, shipping, and offshore energy.
Kanda said the loan is set for approval this year.
Aside from the $400-million loan for the Philippines, Kanda said that for the BIMP-EAGA area, ADB will also invest $500 million in agricultural development, $93 million in sustainable aquaculture, and $500 million in plastic marine debris reduction.
Deeply committed
Kanda said the $24 billion support for Southeast Asian countries includes expanded investments to strengthen connectivity, private sector-led growth, energy integration, and food security.
This includes $7.3 billion for Indonesia and approvals for $2.8 billion for Thailand from 2025 to 2027.
Kanda said 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, Kanda said ADB is scaling up private sector financing with a projected four-fold increase to $13 billion annually by 2030.
ADB also aims to double its trade and supply chain financing for Southeast Asia to $2.5 billion annually by 2030.
“ADB is deeply committed to these efforts and will support the sub-region as it builds a more integrated, innovative, resilient, and inclusive sub-region,” Kanda added
