In Short : ADB President Masatsugu Asakawa reaffirmed support for the ASEAN Power Grid at the ASEAN Finance Ministers meeting, pledging $10 billion for cross-border and national grid projects. An additional $27 billion will support the region’s energy transition. The initiative aims to boost energy security, enable power trade, and drive sustainable development across Southeast Asia through clean energy investments.
In Detail : MANILA, PHILIPPINES — Asian Development Bank (ADB) President Masato Kanda participated in the 12th ASEAN Finance Ministers and Central Bank Governors’ Meeting with international financial institutions on 10 April. During the meeting, he affirmed ADB’s support for bolstering economic resilience amid escalating global trade tensions and stressed the importance of enhancing regional cooperation and connectivity, including through the ASEAN Power Grid.
“Global trade tensions have clouded ASEAN’s growth prospects, and I am deeply concerned about the resulting economic shocks, especially for our poorest and most vulnerable communities,” said Mr. Kanda. “It is imperative that ASEAN countries work together to build long-term resilience, safeguard growth and investments, and protect against external shocks. ADB stands ready to support our developing member countries in overcoming these challenges.”
ADB has programmed $27 billion in financing over the next 3 years to support ASEAN members’ development priorities, including boosting economic growth and competitiveness, enhancing human capital, and strengthening resilience. Mr. Kanda assured ASEAN partners that ADB can mobilize additional resources as needed.
Despite economic headwinds, Mr. Kanda expressed optimism for the region, citing strong domestic demand across many ASEAN economies and the availability of policy tools to cushion adverse impacts. He emphasized that current challenges present an opportunity to accelerate reforms, implement sound economic policies, and strengthen regional cooperation and connectivity through open trade and investment, market diversification, and increased competitiveness.
Highlighting the region’s rapidly growing energy demand, which is projected to triple by 2050, Mr. Kanda underscored the need for modern, interconnected energy systems. He noted that ADB can readily commit $10 billion toward the ASEAN Power Grid to expedite cross-border connections, national grid projects, and renewable energy initiatives that will facilitate power trade. The initiative aims to connect the electricity networks of ASEAN’s 10 member countries by 2045, thereby enhancing energy security and access for the region’s 670 million people.
“ASEAN member states have rightly acknowledged the need to accelerate action on the ASEAN Power Grid. Its successful implementation will transform lives and industries across the region, and provide enormous opportunities for all our ASEAN member countries and their economies,” Mr. Kanda added.
During his visit, Mr. Kanda also held bilateral meetings with regional finance and economic officials, including Malaysia’s Finance Minister II Amir Hamzah Azizan, Minister of Economy Rafizi Ramli, and Central Bank Governor Abdul Rasheed Ghaffour; Indonesian Finance Minister Sri Mulyani Indrawati; and ASEAN Secretary General Kao Kim Hourn. He also attended the launch of the ASEAN Infrastructure Fund (AIF) Action Plan (2025–2028), which is designed to strengthen the AIF’s financing capacity, competitiveness, financing facilities, and visibility and partnerships.
ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient 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—49 from the region.
