PORT MORESBY, PAPUA NEW GUINEA -- Asian Development Bank (ADB) President Masato Kanda met Federated States of Micronesia (FSM) President Wesley Simina to discuss opportunities for deeper cooperation and shared priorities, as he reaffirmed ADB's commitment to strengthening the partnership.

"The Federated States of Micronesia is a valued partner of ADB in the Pacific," said Mr. Kanda. "I look forward to building on our cooperation by working together to address the country's unique vulnerabilities and strengthen its resilience."

Given FSM's geographic dispersion, small population, and exposure to natural hazards and external economic shocks, the two leaders emphasized the importance of resilient infrastructure, climate change adaptation, and inclusive economic growth.

Mr. Kanda recognized the importance of FSM's new 20-year National Strategic Development Plan, emphasizing that ADB is ready to assist with implementation of the plan's priority investments set out in the 10-year Infrastructure Development Plan that envisages investment of about $670 million.

To date, ADB has provided $267 million in assistance to FSM, predominantly in energy and transport, water supply and sanitation, and education. This includes support for the Chuuk Public Utility Corporation, one of the best performing utilities in the Pacific region; and the Yap Renewable Energy Development Project, which has reduced the need for diesel for power generation by around 30%.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members-50 from the region.