ADB ready to aid countries hit by Middle East conflict

The Asian Development Bank (ADB) said it is prepared to provide rapid financial and technical support to developing member countries (DMCs) affected by the ongoing conflict in the Middle East.

“ADB will deliver rapid, flexible, and scalable assistance to help countries manage immediate pressures and strengthen long-term resilience, notably fast-disbursing budget support and trade and supply chain finance to secure the import of essential goods, now including oil,” ADB President Masato Kanda said in a statement.

The bank plans to deploy budget support through its Countercyclical Support Facility to help governments stabilize economies and protect the livelihoods of vulnerable populations. Its Trade and Supply Chain Finance Program will provide private sector support to maintain critical imports, including energy and food, and will exceptionally reactivate support for oil imports for a limited period.

ADB highlighted risks from global market disruptions, including rising energy prices, supply chain delays, and inflationary pressures. Key industrial inputs like petrochemicals and fertilizers may be affected, impacting agriculture and food production. Tourism and remittance-dependent economies are also vulnerable, while tightening financial conditions are straining currencies and capital flows.

“The bank is closely monitoring developments and working with affected countries, development partners, and the private sector to ensure coordinated and effective responses to maintain economic stability,” the statement added.