The interview with Emma Veve, the recently appointed Director General of the Asian Development Bank (ADB) for the Pacific Department, highlights the organization’s commitment to enhancing financial support and infrastructure in Pacific nations, especially during challenging economic times. Conducted by PACNEWS Editor Makereta Komai at the 58th ADB Governor’s Annual Meeting in Milan, Italy, the discussion focuses on critical issues such as correspondent banking relationships, food security, and local currency bond financing.
Veve took office in February 2025 and emphasized that the ADB plays a vital role in fostering resilience against economic shocks in Fiji and its neighboring Pacific developing member countries (PDMCs). The bank is Fiji’s largest multilateral lender, working collaboratively to support sustainable growth and provide essential services.
A significant concern raised was the decline in correspondent banking relationships, crucial for economic accessibility. In response, Veve acknowledged that the ADB, along with the World Bank, is committed to enhancing banking accessibility through technical assistance and capacity building, particularly in countries lacking robust banking systems.
Food security emerged as another focal point during the interview. The ADB plans to allocate $26 billion over the next three years to improve agricultural efficiency and supply chains, addressing the urgent need for local food production as global inflation impacts import costs. Veve indicated that bringing in agricultural experts to foster local production can enhance resilience and reduce dependency on imports.
Additionally, Veve discussed the approval for Fiji and Tonga to issue local currency bonds, a groundbreaking step that allows these nations to borrow in their own currencies, mitigating foreign exchange risks that have traditionally hindered local businesses. This initiative aligns with broader efforts to deepen financial markets in the region, demonstrating the ADB’s commitment to sustainable economic growth.
Veve also mentioned that nations like Vanuatu and Samoa have expressed interest in participating in similar financing initiatives, indicating a growing trend toward regional financial cooperation. The ADB’s efforts in supporting local currency bond issuance are not new; the bank has successfully implemented similar programs in places like the Cook Islands, which set precedents for funding development projects while expanding local capital markets.
The ongoing dialogue and commitment from the ADB provide a hopeful perspective for the Pacific regions. As these countries work toward enhancing financial stability and resilience, the focus on collaboration and targeted assistance offers a pathway for transformative change and sustainable growth in the Pacific.
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