The interview with Emma Veve, the new Director General of the Asian Development Bank’s (ADB) Pacific Department, reveals critical insights regarding the organization’s strategy and response to pressing regional issues. Ms. Veve, who assumed her position in February 2025, spoke with PACNEWS Editor Makereta Komai during the 58th ADB Governor’s Annual Meeting held in Milan, Italy.
One of the key topics discussed was the challenge of correspondent banking relationships, which emerged as a significant concern highlighted during last year’s meeting in Tbilisi, Georgia. In response, the ADB, alongside the World Bank, is focusing on improving access to banking systems in the Pacific, offering extensive technical assistance and capacity building for nations lacking robust banking infrastructure.
Ms. Veve emphasized the ADB’s commitment to food security across member nations, noting a substantial increase in allocated funds up to USD $26 billion over the next three years. The ADB is actively working to enhance agricultural efficiency and develop better supply chains for Pacific farmers. This strategic shift toward agriculture, supported by experts within the ADB, aims to empower local economies and promote food production, reducing reliance on imported food amid rising global inflation.
Further discussing financial innovations in the region, Veve announced that Fiji and Tonga have become the first Pacific nations to approve a local currency bond issuance with the ADB. This initiative aims to mitigate the foreign exchange risks faced by local businesses while enhancing capital access and financial infrastructure in these countries. Other Pacific nations, including Vanuatu and Samoa, are also expressing interest in similar initiatives, reflecting a growing trend towards regional financial collaboration.
Moreover, Ms. Veve outlined her vision for success in her tenure, centering on increasing financing levels and ensuring higher project success rates. Achieving effective implementation of projects, especially those designed with sustainability and local capacity-building in mind, remains a priority.
The ADB’s engaging dialogue and focus on tailored solutions demonstrate a hopeful trajectory for the Pacific nations, particularly amid ongoing challenges such as climate change and economic vulnerabilities. The bank’s strategy is aimed at fostering resilience and sustainable development, thus paving the way for transformative change within the region.
This proactive stance from the ADB highlights a positive outlook for the future development of Pacific countries, underscoring the importance of collaboration and tailored support in overcoming challenges and achieving sustainable growth.
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