ADB Annual Meeting begins in Milan today

A four-day Annual Meeting of the Asian Development Bank (ADB) begins in Milan, Italy today (Sunday), focusing on critical issues to forge the member nations' path into a more sustainable future.

Key focus of the event, themed 'Sharing Experience, Building Tomorrow', will be sustainable food security, digital transformation, energy revolution, and innovation for resilience.

The formal opening of the conference will be held on the second day Monday, following a series of side events on the first day (Sunday).

Italy's Minister of Economy and Finance Giancarlo Giorgetti and Governor of Banca d'Italia (the central bank of Italy) will deliver introductory remarks at the opening session, presided over by ADB President Masato Kanda.

Finance ministers and central bank governors from the ADB member countries, along with several thousand officials from international organisations, representatives from the private sector, civil society organisations, and the media, are attending the meeting.

They have already arrived in Milan, known as the city of fashion and design for a unique blend of tradition and modernity.

A 10-member Bangladesh delegation, headed by Finance Adviser Dr Salehuddin Ahmed, is attending the premier forum for the discussion on the economic and social development issues in Asia and the Pacific.

Italy, one of the founding members of the ADB, is hosting such an event for the first time this year. It is also the first such high-level meeting of the ADB in Europe in almost a decade after Germany hosted the ADB Annual Meeting in 2016.

"As a global hub for innovation, industry and culture, Milan serves as an ideal setting for our meeting as we got together under the theme 'Sharing Experience, Building Tomorrow'," said Asel Djusupbekova, Secretary of the ADB.

"We are committed to driving meaningful discussions on critical issues that will forge our path into a more sustainable future," she added in a video message.

This year's annual meeting has four main focuses.

"We will discuss the critical needs for sustainable food security amid growing global uncertainties," she continued. "As rapid advancements are redefining economies, industries and societies, we will examine how digital innovation can support the development agenda, while addressing challenges."

Djusupbekova also said that the meeting would explore efforts to expand access to reliable, affordable, low-carbon energy to drive long-term growth and foster economic prosperity.

"And we will discuss how to build resilience by developing innovative technologies and strategies, both within countries and across borders," she added.

Being a founding member of ADB, Italy contributes to the Asian Development Fund (ADF) and Technical Assistance Special Fund (TASF).

The ADF provides grants to ADB's low-income developing member countries. The TASF provides technical assistance grants to developing member countries to help prepare projects and undertake technical or policy studies.

Established in 1966, the ADB is owned by 68 members.

In the last year, the ADB committed $24.3 billion from its own resources, coupled with $14.9 billion in co-financing in collaboration with its partners, to help Asia and the Pacific solve a range of complex development challenges.

The $24.3 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector, according to an official estimate of the ADB.

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