The president of the Asian Development Bank (ADB) reiterates his support for sub-regional cooperation
At the 14th Brunei Darussalam–Indonesia–Malaysia–Philippines East Asean Growth Area (BIMP–EAGA) Leaders’ Summit on Thursday, Asian Development Bank President Masatsugu Asakawa reaffirmed ADB’s support for a speedy economic recovery, infrastructure development, and regional collaboration.
Sultan Haji Hassanal Bolkiah of Brunei Darussalam, Indonesian President Joko Widodo, Malaysian Prime Minister Ismail Sabri Yaakob, and Philippine President Rodrigo Roa Duterte also attended the meeting.
“It is a privilege for ADB to serve as the regional development advisor to BIMP–EAGA. When hardship strikes, we know that unified action can help your countries weather the storm and create a strong and long-term recovery,” Asakawa added.
“The ADB supports BIMP–work EAGA’s to maintain open markets, develop supply chains, support thriving economic zones, and promote digital integration, which is linked with Asean rejuvenation.”
ADB has committed $875 million through its Asia Pacific Vaccine Access Facility to assist Indonesia and the Philippines in procuring and delivering safe and effective vaccinations since the onset of the coronavirus disease 2019 (Covid-19) pandemic.
To support its Covid-19 response, the ADB gave each country with an additional $1.5 billion in quick-disbursing loans.
Infrastructure connectivity projects in Indonesia and the Philippines are among the projects supported by the ADB.
BIMP–EAGA was founded in 1994 with the goal of expanding transportation networks by land, sea, and air, as well as cross-border energy projects and initiatives that promote more vibrant trade. BIMP–EAGA Vision 2025 intends to create a more competitive industrial sector with value-added output, establish the subregion as a food basket for Asia through sustainable agriculture and fisheries, and position BIMP–EAGA as a well-connected, multi-country tourism destination.
The ADB’s activity is in line with the BIMP–EAGA Vision 2025, which emphasizes connectivity, economic corridor development, tourism, and environmental protection.
The Asian Development Bank (ADB) has aided in the improvement of project management systems, institutional capacity, and collaboration with the Association of Southeast Asian Nations (Asean) and subregions.
In the aftermath of the Covid-19 crisis, it is also working with BIMP–EAGA governments to propose revolutionary recovery measures and manage regional collaboration.