U.S. Treasury Advocates ADB Loan Graduation for China

U.S. Treasury Secretary Scott Bessent called upon the Asian Development Bank's President, Masato Kanda, to initiate steps to phase out loans to China. The bilateral discussion also highlighted energy strategies and financing for civilian nuclear energy, stressing the importance of the ADB's procurement practices.

U.S. Treasury Secretary Scott Bessent has called on the Asian Development Bank to begin phasing out its financial support to China. During a recent meeting with ADB President Masato Kanda, Bessent emphasized the importance of leading China towards a path of graduation from ADB borrowing.

The discussion also highlighted an 'all-of-the-above energy strategy' which includes the potential for increased civilian nuclear energy financing. Bessent and Kanda exchanged views on this matter as part of a broader dialogue on sustainable energy solutions.

Bessent underscored the necessity for the ADB to employ procurement practices that focus on best value, enhancing the efficiency and impact of its projects. The Treasury Department released a statement reiterating the importance of these financial and strategic steps.

(With inputs from agencies.)