BAKU, Azerbaijan, November 4. The Asian Development Bank (ADB) is stepping up its support for regional cooperation programs, including the Central Asia Regional Economic Cooperation (CAREC) Program, as part of a new strategy aimed at increasing the share of its operations supporting cross-border initiatives to 30% by 2030.
According to ADB, the new Operational Approach for Revitalizing Regional Cooperation and Integration, approved in March, seeks to expand cross-border trade and investment, strengthen economic resilience and address shared environmental challenges.
Under the approach, ADB will prioritize cross-border transport, energy and digital connectivity, trade facilitation, natural resource protection and disaster preparedness.
In Central Asia, the bank supports efforts to modernize border crossing points and simplify trade procedures across the CAREC region, helping improve transport links and facilitate the movement of goods between countries.
ADB President Masato Kanda said regional cooperation was becoming increasingly important amid rising trade barriers and geopolitical tensions.
"We must double down on cooperation, even now, when it is becoming harder," he said at the opening of the Regional Cooperation and Integration Conference in Manila.
The new strategy also envisages changes to the way ADB develops and finances regional projects, making it easier for teams to work across member countries and bringing governments and private investors together to turn regional plans into concrete investments.
CAREC is among the bank's established regional cooperation platforms, alongside the Association of Southeast Asian Nations (ASEAN), the Pacific Islands Forum, the Greater Mekong Subregion and South Asia Subregional Economic Cooperation.
These partnerships support cross-border trade, transport and energy links, as well as joint efforts to address challenges that extend beyond national borders.
ADB's regional agenda also includes support for the ASEAN Power Grid, with the bank committing up to $10 billion to improve electricity connectivity and energy security across Southeast Asia.
The new approach further provides for expanded cooperation on digital infrastructure and services, including cross-border data networks and payment systems, as well as joint management of water resources, ecosystem protection and disaster risk preparedness.
The Asian Development Bank is a multilateral development bank supporting sustainable, inclusive and resilient growth across Asia and the Pacific. Established in 1966, it is owned by 69 members, including 50 from the region.
