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ADB now accentuates quality, innovation

FHM Humayan Kabir, from Nadi, Fiji | Published: May 04, 2019 10:40:46 | Updated: May 21, 2019 14:09:07


Asian Development Bank (ADB) President Mr Takehiko Nakao said on Friday they would focus more on quality and innovation in its operations.

He announced that the ADB would boost its private-sector operations by one third of its total portfolio by 2024.

"To expand private-sector operations, we also target a substantial increase in commercial co-financing," Mr Nakao told the opening session of the 52nd ADB Annual Meeting in Nadi, Fiji.

Fijian Prime Minister Hon Josaia Voreqe Bainimarama and ministries from different countries and delegations were present at the function.

At the event, Mr Nakao said the ADB is strengthening its knowledge work.

"In 2018, we published a number of knowledge products and hosted important knowledge-exchange forums on clean energy, sustainable transport, water, climate actions and digital transformation."

"We're also continuing efforts to incorporate innovative ideas and advanced technologies into our projects and programmes," he went on to say.

Responding to the changing needs of Asia and the Pacific will be at the centre of ADB actions to implement 'Strategy 2030', Mr Nakao said.

To this end, the Manila-based lender is preparing seven operational plans as well as action plans for private-sector operations and knowledge management.

Its new lending and grant operations in 2018 grew to a record $21.6 billion compared to $13.9 billion in 2013, up by 55 per cent.

Mr Nakao highlighted six areas central to the strategy, including reduction in poverty and inequality, gender equality, climate mitigation and adaptation, regional cooperation and integration and concessional resources.

The ADB will develop a detailed proposal for the next Asian Development Fund replenishment: ADF 13, he added.

The bank is also seeking strong donor support for its trust funds and mobilising concessional resources from bilateral and multilateral partners like Green Climate Fund and Global Environment Facility.

The ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific alongside its effort to eradicate extreme poverty, Mr Nakao cited.

Meanwhile, Mr Bainimarama expressed concerns about climate change impacts on the Pacific and other Asian countries.

"No people, no economy and no nation in the world are out of danger from climate change impacts," he told the gathering citing examples of Bangladesh, the Philippines and others.

In 2018, the ADB made commitments of new loans and grants amounting to $21.6 billion.

Established in 1966, the bank is owned by 68 members-49 from the region.

kabirhumayan10@gmail.com

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