ADB Targets $13B Annual Private Sector Financing by 2030, Says Kanda in Washington

In a landmark meeting with United States Treasury Secretary Scott Bessent, President Kanda outlined ADB’s strategy to drive private-sector-led growth, leveraging the institution’s expanded balance sheet.

Asian Development Bank (ADB) President Masato Kanda led a series of high-level engagements in Washington this week, emphasizing ADB’s intensified focus on private sector development as the core engine for economic growth across Asia and the Pacific. His visit spotlighted ADB’s ongoing capital management reforms, bolstered lending capacity, and deepened collaborations with the United States and other global partners.

Strengthening Ties with U.S. Treasury

In a landmark meeting with United States Treasury Secretary Scott Bessent, President Kanda outlined ADB’s strategy to drive private-sector-led growth, leveraging the institution’s expanded balance sheet.

"The private sector is ADB’s first priority to spur economic growth across the Asia and Pacific region," Kanda stated. "By pairing our enlarged balance sheet capacity with deeper partnerships, we can catalyze greater investment, generate quality jobs, and deliver tangible results across Asia and the Pacific."

ADB’s private sector operations have more than doubled since 2022. Under Kanda’s leadership, the bank has set ambitious targets: quadrupling private investment financing to $13 billion annually by 2030 and ensuring that 40% of its sovereign operations directly support private-sector development.

Engaging U.S. Lawmakers and Business Leaders

President Kanda also met with U.S. House Financial Services Committee Chairman French Hill, reaffirming the importance of ADB’s relationship with one of its largest shareholders. Their discussions centered around trade expansion, infrastructure development, and the mobilization of private capital.

ADB’s work with U.S. companies continues to thrive. Notably, partnerships with General Electric on a wind energy project in Viet Nam and SubCom LLC on a telecommunications project in the Maldives exemplify ADB’s commitment to sustainable infrastructure. In 2024 alone, U.S. firms secured over $500 million in ADB-financed contracts, and ADB’s Trade and Supply Chain Finance Program facilitated around 250 U.S. export transactions valued at $350 million, with banks like J.P. Morgan and Citibank among the top users.

Promoting Regional Integration and Inclusive Growth

At a fireside chat hosted by the Center for Global Development, Kanda shared ADB’s future vision under the theme, "Empowering Asia and the Pacific’s Economic Future." In conversation with Center President Rachel Glennerster, he detailed how ADB’s capital management reforms will allow the bank to raise annual commitments by 50% over the next decade, unlocking an additional $100 billion in lending headroom.

Kanda stressed that the twin pillars of private sector expansion and regional integration are essential for fostering inclusive growth and resilience amid global challenges. He highlighted that increased regional cooperation would be crucial in mitigating geopolitical risks and sustaining long-term prosperity.

Global Partnerships and Collaborative Dialogues

Beyond U.S. stakeholders, Kanda met with an array of senior global officials, including:

• Uzbekistan Deputy Prime Minister Jamshid Kuchkarov

• Bank of Italy Governor Fabio Panetta

• Pakistan Finance Minister Muhammad Aurangzeb

• United Kingdom Minister Baroness Heather Chapman

• India Economic Affairs Secretary Ajay Seth

These discussions focused on country-specific priorities, strategies for leveraging ADB’s expanded financing capacity, and exploring new private sector investment opportunities tailored to each nation’s development trajectory.

Thought Leadership at Global Inclusive Growth Summit

Kanda also took the main stage at the Global Inclusive Growth Summit, hosted by the Mastercard Center for Inclusive Growth. Sharing the panel with EBRD President Odile Renaud-Basso, Citi Vice-Chair Jay Collins, and Council on Foreign Relations President Ambassador Michael Froman, he contributed to the session “The New Public–Private Playbook.”

The panel explored innovative financial models that blend multilateral development financing with private sector investment, aiming to address the growing global financing gap for sustainable development. Kanda advocated for greater collaboration across sectors, calling for bold new approaches to attract private investment into critical areas like green energy, digital infrastructure, and resilient supply chains.

Concluding High-Level Dialogues

President Kanda is set to conclude his Washington mission with a meeting of multilateral development bank heads, where they will candidly assess collective responses to heightened geopolitical instability, rising debt vulnerabilities, and the widening financing gap threatening the achievement of global sustainable development goals.

About the Asian Development Bank

Founded in 1966, ADB is a premier multilateral development bank owned by 69 members, including 49 from the Asia and Pacific region. The institution is dedicated to promoting sustainable, inclusive, and resilient growth. Working in close collaboration with its members and global partners, ADB harnesses cutting-edge financial tools, innovative strategies, and strategic partnerships to tackle complex development challenges, build quality infrastructure, empower communities, and safeguard the planet’s future.

Asian Development Bank, Masato Kanda, Private Sector Development, United States Treasury, Global Inclusive Growth Summit, ADB Reforms, Sustainable Development, Regional Integration, Public-Private Partnerships, Asia Pacific Economic Growth