Association of Southeast Asian Nations (ASEAN) member states called for stronger cooperation with the World Bank Group (WBG) to close infrastructure and financing gaps, advance climate adaptation, improve the business environment and create jobs.
The Philippines, through the Department of Finance (DOF), convened on Oct. 13 the first ASEAN Finance Ministers–World Bank Group (WBG) Dialogue with WBG President Ajay Banga on the sidelines of the 2026 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in Bangkok, Thailand, to advance shared priorities for resilient and sustainable growth.
In a statement Wednesday, the DOF said the inaugural dialogue brought together finance ministers and representatives from ASEAN member states to identify areas for WBG support and identify concrete next steps for sustained ASEAN–WBG cooperation.
During the dialogue, ASEAN member states cited the important role of the World Bank in supporting countries’ priorities through guarantees, technical assistance and capacity building.
ASEAN Finance Track Chair and Finance Secretary Frederick Go called for stronger regional cooperation to mobilize private capital for quality infrastructure, accelerate artificial intelligence (AI) adoption and digital transformation, and secure affordable, reliable and clean energy to create more and better jobs across Southeast Asia.
“The World Bank Group can help ASEAN turn bankable ideas into investable projects, connect policy reforms with private capital, and share solutions across countries,” Secretary Frederick Go said in his opening remarks.
Go cited the country’s reforms easing foreign ownership restrictions in key industries, including telecommunications, airlines and renewable energy, as steps toward a more competitive and investment-friendly business environment.
He said the Luzon Economic Corridor (LEC) can also be a model that other ASEAN member states could adapt to accelerate development.
WBG President Ajay Banga, meanwhile, cited the importance of mobilizing private capital to meet development goals.
He noted however that private investment must complement and not replace public financing. (PNA)
