ADB to increase share of cross-border initiatives to 30% by 2030

The Asian Development Bank (ADB) has presented an updated approach to regional cooperation and integration, setting the task to increase the share of operations aimed at supporting cross-border initiatives to 30% by 2030, Report informs citing the ADB.

"Intensifying trade barriers and geopolitical tensions are putting pressure on the ties that keep our economies functioning. We need to double down on cooperation right now, when it is becoming harder," ADB President Masato Kanda emphasized, speaking at the opening of the Regional Cooperation and Integration Conference in Manila.

The updated operational approach, approved in March, is focused on productivity growth through expanding trade and investment flows, as well as increasing resilience to common economic and environmental threats.

Priority areas of ADB's activities include the formation of cross-border energy networks, the improvement of transport and digital infrastructure, the simplification of trade procedures, as well as the collective protection of natural resources and preparation for overcoming the consequences of natural disasters.

The strategic document provides for a revision of the mechanisms for designing and financing regional cooperation programs. In particular, it is planned to optimize the coordination of working groups between participating countries and to more actively involve private capital in the implementation of interstate projects.

ADB plans to utilize established partnerships with the Association of Southeast Asian Nations (ASEAN) and the Pacific Islands Forum, as well as regional programs, including the Central Asia Regional Economic Cooperation (CAREC) Program, the Greater Mekong Subregion (GMS) programs, and the South Asia Subregional Economic Cooperation (SASEC).

Among the bank's key ongoing projects is assistance in creating the ASEAN Power Grid, for which ADB is directing up to $10 billion to strengthen energy security in Southeast Asia. In Central Asia, the bank is involved in modernizing border crossing points and optimizing customs procedures, and in the Greater Mekong Subregion-in developing economic corridors. In addition, the strategy implies deepening interaction in the field of digital infrastructure, including the deployment of cross-border data transmission networks and payment systems, as well as the joint management of water resources and ecosystems.

The Asian Development Bank, founded in 1966, is an international financial development institution. ADB's shareholders are 69 countries, 50 of which are located in the Asia-Pacific region.