Asian Development Bank (ADB) President Mr. Takehiko Nakao reaffirmed his continued support for sustainable infrastructure investment at the 23rd Association of Southeast Asian Nations (ASEAN) Finance Ministers’ Meeting in Chiang Rai, Thailand.
ADB works closely with Thailand to provide customized financial and knowledge solutions that respond to the development needs of an upper-middle-income country. ADB made $7.23 billion in commitments to Thailand, including loans and grants, between 1966 and 2018, with $515 million in commitments in 2018 including a sovereign loan with flexible disbursement arrangements and a nonsovereign investment and technical support for Thailand’s first certified climate bonds.
On the sidelines of the meeting, Mr. Nakao also met with other high-level ASEAN government officials.
In a speech to ASEAN ministers, Mr. Nakao praised ASEAN’s solid economic growth—expected to average around 5% in 2019 and 2020—despite weakening global growth and some uncertainties including trade tensions between countries. He talked about the importance of sustainable tourism for the inclusive growth of ASEAN countries. He noted the need for ASEAN countries to further strengthen regional trade and investment cooperation, cut red tape to improve the business climate, and lift services restrictions to boost e-commerce and tourism. Mr. Nakao also emphasized the importance of debt sustainability in infrastructure projects.
Mr. Nakao said ADB is expanding its loans and grants for ASEAN infrastructure projects and enhancing connectivity between countries. ADB continues to help mobilize more public and private funds for infrastructure through supporting reforms to strengthen tax collection, promoting public-private partnerships, and providing ADB’s credit enhancement functions. ADB is incorporating advanced technologies and innovative solutions in its infrastructure projects as well as social sector assistance in ASEAN countries.
Original source: ADB
Published on 05 April 2019
