The Asian Development Bank warned that Asia is now living the lender’s worst‑case scenario from the global energy shock, with fifteen nations filing emergency loan requests after the Iran conflict. President Masato Kanda told the FT that soaring oil, gas, shipping and input prices have hit the region hardest, and the bank says it has ample headroom for further large‑scale financing.

So far the ADB has received formal applications totalling $4bn, led by the Philippines’ request for $1.75bn, the largest single ask, after it declared a national energy emergency and turned to Russian oil. India follows with a $1.5bn proposal to boost resilience, while Bangladesh, Fiji and Sri Lanka also seek funds amid dwindling remittances, tourism receipts and fertilizer shortages.

The crisis forced the ADB to cut its 2026 Asia‑Pacific growth outlook from 5.1% to 4.7% and lift inflation expectations to 5.2%, reflecting tighter consumer budgets and rising food prices. With oil imports covering 90% of India’s demand and 95% of Bangladesh’s, the region’s exposure to Gulf supply disruptions threatens corporate earnings and sovereign credit, prompting a wave of emergency financing requests.