ADB chief Kanda seeks innovative solutions to uncertainties

"With the new uncertainties facing our developing member countries, it is important to explore innovative solutions together," he said at a press conference at the ADB's four-day annual meeting that started the same day in Milan, Italy.

It is the first time for Kanda, who assumed his current post in February, to attend an ADB annual meeting.

Kanda, former Japanese finance minister for international affairs, said that Asian countries, which have promoted their development while reaping benefits from the free trade system, are vulnerable to threats.

The ADB is prepared to provide support to safeguard developing countries from external shocks, he added.

From Japan, Finance Minister Katsunobu Kato and Bank of Japan Deputy Governor Ryozo Himino are taking part in the ADB meeting.

Participants are set to discuss issues including the role of multilateral development banks for improving the investment climate in developing countries in order to help spur private sector-led economic growth.

At a seminar on Sunday, Kato said that Japan and the ADB will jointly set up a new trust fund aimed at helping mobilize private-sector funds and that Japan will contribute 20 million dollars to the fund.

On the sidelines of the ADB meeting, Japan, China and South Korea held a meeting of their finance ministers and central bank chiefs on Sunday. A meeting among the three East Asian countries and member states of the Association of Southeast Asian Nations also took place on the day.

Agenda items at the meetings included the impact of the U.S. high tariff policy on the economy of Asia.

Italy is a member of the ADB along with other non-Asian countries such as Britain, France, Germany and the United States.