MILAN, Italy, May 5. Italy encourages the Asian Development Bank (ADB) to take more active part in deploying risk-sharing mechanisms, Fabio Panetta, governor of ADB from Italy, said, addressing the business session of ADB Governors, Trend’s special correspondent reports from Milan.
We encourage the ADB to take more active part in advancing policy reforms and deploying financial instruments such as blended finance guarantees and risk-sharing mechanisms to unlock greater private sector participation. Building on the experience of its G7 Presidency, Italy highlights the importance of understanding the economic implications of artificial intelligence and advancing policy recommendations that strike a balance between innovation and risk management,” he said.
Panetta noted that digital transformation is increasingly shaping productivity and growth across the globe.
“Italy supports the ADB's commitment to harness digital technologies, including artificial intelligence, to enhance internal efficiency and address development challenges. Efficient cross-border payment systems remain a strategic priority for Italy and Europe as they are essential to facilitating trade, enabling remittances, advancing financial inclusion, and sustaining economic growth,” he noted.
Panetta said that as a founding member of the ADB, Italy sees this event not only as an opportunity to strengthen cooperation among nations, but also as a platform to promote inclusive and forward-looking global growth.
“Italy welcomes the ADB's increased focus on non-sovereign operations in 2024, recognizing the vital contribution of the private sector in delivering innovative and scalable solutions for development. Italian companies, with their renowned expertise in engineering, design, industrial innovation, and many other sectors, are uniquely equipped to contribute meaningfully and enduringly to the region's development priorities,” he said.