Asia to Host Its First 'Finance in Common Summit' in 2027: Eyes Mobilization of $23 Trillion for Sustainable Development

KATHMANDU: In a strategic move to leverage a staggering $23 trillion in assets managed by public development banks globally, the Asian Development Bank (ADB) is set to co-host the sixth 'Finance in Common Summit' (FiCS) in Bangkok, Thailand. Scheduled for 2027, this marks the first time the premier global gathering of development financiers will be held in the Asian region, signaling a shift in the epicenter of global sustainable investment.

Under the overarching theme of "Delivering Sustainable Growth for a More Resilient Future," the summit will convene from March 31 to April 2, 2027, at the United Nations Conference Centre. The high-profile event is expected to draw over 2,000 delegates, bringing together the heads of more than 500 public development banks alongside government officials, regulatory bodies, institutional investors, civil society representatives, and international organizations.

Against the backdrop of a fragmenting global economy and severe constraints on the domestic fiscal resources of national governments, the summit is being positioned as a critical platform to unlock alternative and innovative financing. According to the ADB, the gathering will move beyond traditional dialogues to focus on concrete project identification and the creation of tangible investment opportunities across the Asia-Pacific region. Central to the agenda are strategies to scale up climate-resilient infrastructure, accelerate the transition to clean energy, foster green investments, and aggressively mobilize private-sector capital.

The summit will also address systemic inefficiencies within global development finance. Policymakers and bank executives will deliberate on mechanisms to minimize operational duplication among financial institutions, promote co-financing, and ensure that long-term infrastructure investments remain uninterrupted even during periods of severe economic crisis.

Highlighting the urgency of the current global economic climate, ADB President Masato Kanda emphasized that as international divisions deepen and development needs skyrocket, public development banks must unlock their full financial capacity. The policy frameworks and financial commitments forged in Bangkok, Kanda noted, will have a profound and direct impact on the economic opportunities and human security of billions of people for generations to come.

Initiated in Paris in 2020, the Finance in Common initiative has rapidly grown into the largest global network of its kind, comprising approximately 540 public development banks. Collectively, these institutions mobilize an estimated $2.5 trillion annually in the global market. Following successful previous editions in Rome, Abidjan, Cartagena, and Cape Town, the summit’s upcoming Asian debut underscores the region's growing centrality in shaping the future of global development finance and climate action.