ASIATODAY.ID, MANILA — The Asian Development Bank (ADB) is turning to some of the world’s most influential business leaders to help tackle Asia and the Pacific’s biggest development challenges, betting that private capital, innovation, and technology will be essential to driving the region’s next phase of growth.
ADB President Masato Kanda convened the second meeting of the High-Level Private Sector Advisory Group, bringing together senior executives from global finance, banking, insurance, investment, and industry to accelerate investment in strategic sectors and transform major regional priorities into bankable projects.
“The private sector brings more than financial firepower. It brings innovation, technology, market discipline, and the ability to deliver at speed and scale,” Kanda said on July 3.
“ADB’s task is to connect that power and innovation with the region’s greatest needs, from reliable energy and digital connectivity to stronger supply chains and critical minerals.”
The advisory group includes prominent business leaders from BNP Paribas, Franklin Templeton, Standard Chartered, Sumitomo Mitsui Banking Corporation, Tata Sons, Temasek Holdings, and Zurich Insurance Group, reflecting ADB’s strategy to deepen collaboration with global investors and industry leaders.
Kanda said the initiative has become increasingly urgent as Asia and the Pacific confront a “new normal” of overlapping geopolitical, economic, and climate-related shocks. Recent disruptions to global trade and supply chains, including tensions in the Middle East, have underscored the need for stronger regional resilience and diversified investment.
To respond, ADB is advancing three flagship regional initiatives launched during its 59th Annual Meeting in Samarkand, Uzbekistan.
The Pan-Asia Power Grid Initiative aims to mobilize US$50 billion by 2035 to strengthen cross-border electricity networks and expand reliable energy access to 200 million people across the region.
The Asia-Pacific Digital Highway seeks to mobilize US$20 billion by 2035 to develop fiber-optic networks, submarine cables, and data centers, improving digital connectivity for 650 million people.
Meanwhile, the Critical Minerals-to-Manufacturing Financing Partnership Facility is designed to help countries move beyond exporting raw minerals by supporting downstream processing, advanced manufacturing, and recycling—strengthening regional supply chains while creating greater economic value from critical mineral resources.
Established in 1966, ADB is a leading multilateral development bank owned by 69 members, including 50 from Asia and the Pacific. By expanding partnerships with the private sector, the bank aims to mobilize significantly greater investment to support sustainable, inclusive, and resilient growth across the region. (AT Network)
Follow Us at Google News, WA Channel, and LinkedIn