Latest news with #MasatoKanda
CNA
2 days ago
- Business
- CNA
ADB pledges continued support for region amid growing uncertainty
The Asian Development Bank has pledged continued support for Southeast Asia, amid growing economic uncertainty - partly driven by United States tariff policies. Its president Masato Kanda says the bank is ready to step up its efforts, urging ASEAN nations to strengthen regional cooperation. Kanda was recently in Indonesia to visit several ADB-financed projects. CNA's Saifulbahri Ismail reports.
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Business Standard
4 days ago
- Business
- Business Standard
'Asia must open up': ADB president says world won't return to pre-Trump era
Asian economies must embrace openness and reform like never before, Masato Kanda, president of the Asian Development Bank (ADB) said in an interview with Nikkei. The former Japanese currency chief took charge of the Manila-headquartered multilateral lender in February, shortly after Donald Trump returned to the White House for a second term—an event Kanda described as having 'completely changed the world'. Since taking office, Kanda has held discussions with leaders including Prime Minister Narendra Modi, Chinese Premier Li Qiang, and Italian Prime Minister Giorgia Meloni. 'Those leaders all agree that we must use this crisis as an opportunity for reform to build more resilient domestic and regional economies,' he said. 'There will never be a return to a world before Trump,' Kanda said, stressing that Asian economies must diversify away from over-reliance on the US market and global supply chains. 'Strengthening the domestic markets of Asian countries and regions is an important task.' $10 billion investment in Asean grid, Indian metros To support regional resilience and integration, the ADB has pledged up to $10 billion for the Asean Power Grid—an initiative aimed at enhancing cross-border electricity connectivity and energy security in Southeast Asia. Kanda also confirmed the bank's proposal to invest another $10 billion in urban infrastructure projects across India, including metro systems. 'You don't see such a project at that scale in other regions,' he noted, citing India's demographic dividend and its rising role as a regional investment hub. Beyond 'China plus one' While global supply chains have already begun shifting away from China, Kanda cautioned that Southeast Asia, previously buoyed by the 'China Plus One' strategy, is now itself vulnerable, particularly under the weight of fresh US trade barriers. 'The concept still holds, but it must evolve,' he said. 'Diversification must extend beyond final goods markets to include raw material sources and intermediate suppliers.' Asia must not turn inward: ADB president Kanda warned that in the face of growing protectionism in the West, Asia cannot afford to become inward-looking. He urged countries in the region to deepen trade integration not just within Asia but with Europe as well. Speaking on the sidelines of the ADB's annual meeting in Italy earlier this year, Kanda said European leaders had expressed strong interest in strengthening economic ties with Asia, which they view as the world's primary growth engine. 'Reform momentum is building across Asia,' he said, highlighting efforts by regional leaders to dismantle structural barriers such as land-use restrictions and capital controls. 'They understand that survival cannot come from relying on gimmicks.' Kanda also called for prudent macroeconomic policies, warning that without sustainable public finances and a normalised monetary stance, governments may lack the flexibility to respond to future crises. US relations and China lending Despite political changes in Washington, the ADB maintains what Kanda described as a "constructive relationship" with the United States. He pointed to the bank's ability to increase lending by 50 per cent since 2009 without expanding its capital base, calling it an efficient use of donor funds. On US pressure to halt lending to China, Kanda said discussions were ongoing among shareholders. Current ADB loans to China have declined sharply and are now focused on global public goods such as environmental sustainability and biodiversity. ADB trims India forecast amid US tariff pressure The ADB's latest Asian Development Outlook, released last week, revised India's GDP growth forecast for the financial year 2025–26 (FY26) down to 6.5 per cent from the previous 6.7 per cent, citing the impact of US tariff policy and broader global slowdown. Despite this downward revision, the ADB noted that India remains one of the fastest-growing major economies globally. 'This revision is primarily due to the impact of US baseline tariffs and associated policy uncertainty,' the report said. It warned that beyond lower export demand, investment flows may also be affected by heightened uncertainty. Inflation forecasts have also been revised downward to 3.8 per cent for FY26, following a faster-than-expected decline in food prices.
Nikkei Asia
6 days ago
- Business
- Nikkei Asia
Asia needs to open up -- there's no going back to before Trump: ADB chief
Former Japanese currency czar Masato Kanda became head of the Asian Development Bank in February. (Photo by Suzu Takahashi) YUKI FUJITA MANILA -- In an age of growing uncertainty, Asian countries need to open their economies like never before, says Masato Kanda, president of the Asian Development Bank and Japan's former currency czar. Kanda took charge of the ADB, a multilateral financial institution that works to support infrastructure, combat global warming and reduce poverty in the Asia-Pacific region, just after U.S. President Donald Trump returned to the White House and "completely changed the world."
The Star
23-07-2025
- Business
- The Star
ADB chief supports Timor-Leste's Asean bid, pledges stronger development ties
JAKARTA: The Asian Development Bank (ADB) has welcomed Timor-Leste's upcoming accession to the Association of Southeast Asian Nations (Asean). ADB president Masato Kanda (pic) said this during his first official visit to the country, and also pledged to expand development support to the island nation, which gained independence from Indonesia in 2002. Over a four-day visit that ended Monday (July 21), he met President Jose Ramos-Horta and acting Prime Minister Mariano Assanami Sabino, commending the country's progress towards Asean membership. "Timor-Leste's journey from independence to Asean membership is a story of resilience and vision. ADB is proud to stand with the people and Government of Timor-Leste at this historic moment,' Kanda said in a statement. He also met Finance Minister Santina Cardoso and other senior officials, reaffirming ADB's commitment to support Timor-Leste's priorities through deeper cooperation in infrastructure, private sector development, youth empowerment and improved livelihoods. According to ADB, Kanda's visit, which was the first by an ADB president to a member classified as both fragile and a small island developing state, underscored the bank's commitment to its most vulnerable members. He visited the Coffee and Agroforestry Livelihood Improvement Project (CALIP), supported by ADB and Japan, that assists 2,000 farming families in a sector involving 38 per cent of Timorese households and which plays a vital role in diversifying the country's economy. Kanda also toured the expansion site of Presidente Nicolau Lobato International Airport, a project supported by ADB, Australia and Japan, which is expected to more than double annual passenger capacity to over 400,000 by 2030 and meet Asean infrastructure standards. Timor-Leste, with a population of around 1.4 million, applied for Asean membership in 2011, gained observer status in 2022, and is progressing towards full integration into the regional bloc. ADB is a development bank founded in 1966 that supports inclusive, resilient, and sustainable growth across Asia-Pacific and has 69 members, including Malaysia. - Bernama, Timor-Leste, member, Masato Kanda, visit
The Star
20-06-2025
- Business
- The Star
ADB approves US$100 million aid package for Myanmar
The 7.7 magnitude earthquake in March killed more than 3,700 people, flattened communities and crippled infrastructure. - AFP MANILA: The Asian Development Bank has approved a US$100 million grant for Myanmar for emergency shelters, food and other essential supplies following a devastating earthquake that struck the country earlier this year. The 7.7 magnitude earthquake in March killed more than 3,700 people, flattened communities and crippled infrastructure in the impoverished South-East Asian nation. "This $100 million aid package, ADB's largest grant for the people of Myanmar, will deliver food, water, shelter, and medical care to families in desperate need, while also supporting long-term livelihoods, jobs, and community resilience," ADB President Masato Kanda said in a statement. Myanmar has been ravaged by conflict since a 2021 military coup triggered a protest movement that has evolved into a nationwide civil war. The ADB said the funds, drawn from its Asian Development Fund, will cover emergency shelters, water and sanitation services, food, essential health supplies for women and trauma counselling. - Reuters
