Bank to focus on changing needs of Asia, Pacific

Responding to the changing needs of Asia and the Pacific will be at the centre of the Asian Development Bank’s actions to implement Strategy 2030, an official says.
ADB president Takehiko Nakao told the annual meeting of ADB’s board of governors in Fiji that the bank was preparing seven operational plans and action plans for private sector operations and knowledge management to advance implementation of Strategy 2030.
ADB’s new lending and grant operations in 2018 grew to a record US$21.6 billion (K7.3bil) compared to US$13.9 billion (K47bil) in 2013 – an increase of 55 per cent.
Nakao said the ADB would intensify its focus on quality and innovation in its operations, while maintaining moderate volume growth.
Nakao highlighted six areas that ADB considers essential to the strategy’s success.
First is to continue addressing remaining poverty and reducing inequalities across Asia and the Pacific.
“We will strengthen our support to the poorest and most vulnerable countries in the region, including those in fragile and conflict-affected situations and many small island developing states,” Nakao said.
Second, ADB is accelerating progress in gender equality and will develop a strong pipeline of projects that integrate gender equality designs into a range of operations, including transport, energy and urban infrastructure.
Third, climate mitigation and adaptation efforts across the Pacific will be an important focus for ADB.
Fourth is ADB’s continued support for regional cooperation and integration.
Fifth, Nakao said ADB would continue to expand its private sector lending, equity investments and guarantees to reach one third of total operations in number by 2024.
Finally, ADB will use concessional resources effectively and will develop a detailed proposal for the next Asian Development Fund replenishment: ADF 13.