The 59th Annual Meeting of the Asian Development Bank kicked off today, May 3, in Samarkand, Uzbekistan, bringing together financial sector representatives, private sector stakeholders, policymakers, and journalists from 69 ADB member countries.

According to a NEWS.am correspondent, Bernard Woods, Director of the Communications Department at the Asian Development Bank, addressed the situation in the Middle East and the potential consequences of the war on regional countries during a press briefing. He noted that the conflict in the Middle East is the greatest risk to the region's outlook, as it leads to rising energy prices and disruptions in trade routes. Last week, the bank released economic forecasts suggesting that a prolonged conflict in the Middle East could significantly slow economic growth and increase inflation.

The head of communications stated that the bank has already responded to the situation in the Middle East by announcing financial support packages for countries affected by the conflict. He emphasized that this conference will focus on three main areas. The first is connectivity, involving the exploration of how to build collective resilience, help one another, and act and grow together. The second area covers the remarkable but risky transformations in digital technologies and artificial intelligence, and how they can be utilized to help developing countries achieve rapid progress while balancing risks related to cybersecurity and potential job losses. The third area is resource mobilization, as a shift in priorities toward defense spending over development is being observed in various countries, raising the question of where to find financial resources and which sources can be used to strengthen development efforts.

The opening session of the Board of Governors of the Asian Development Bank will take place tomorrow, May 4.