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ADB to pursue 5 priorities under long-term strategy

ADB to pursue 5 priorities under long-term strategy

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May 08, 2017 - 10:16

YOKOHAMA (Pajhwok): The 50th Board of Governors Conference of the Asian Development Bank (ADB) ended on Monday, with a promise to consider five priorities as part of a long-term strategy of the institution.

After several meetings, conferences, seminars and media events, ADB’s President Takehiko Nakao noted progress in the Asia Pacific. However, he acknowledged challenges still remained.

In Asia 330 million people still live in absolute poverty on less than $1.90 a day. Implementing the Sustainable Development Goals and climate actions and collective priorities for Asian economies, the bank has started discussing its long-term strategy, whose five priorities are to be considered:

1. Infrastructuredevelopment: This remains ADB's top priority. A recent report by the bank found that $1.7 trillion per year through 2030 is needed in investments in power, transport, telecommunications, and water for the region's development.

"This is more than double our previous estimate, reflecting additional investments needed to support continued growth and address climate change," said Nakao.

2. Support for poorest and fragile countries and inclusiveness: While progress in Asia has been impressive, healthinfo-icon and educationinfo-icon are top on the list of ADB's development goals.

"In health, we will support universal healthcare systems and cross-border initiatives to combat communicable diseases such as malaria, tuberculosis, and HIV. In education, we will continue to support Technical and Vocational Education and Training, or TVET, and help improve the quality of secondary education," he said.

3. Gender equality: Nakao said they would strengthen their gender equality work since "gender is a cross-cutting issue that influences all social and economic processes."  It will design projects that help womeninfo-icon and girls secure higher skills, better health, more jobs and a larger voice in decision making.

4. Using private resources for development, the ADB aims to promote greater and more effective use of public–private partnerships (PPPs). It is also financing projects by private companies working on solar, wind and geothermal power infrastructure, highways, telecommunications and ports, as well as projects in education, health, and agricultureinfo-icon and further still the ADB priorities are funding micro, small and medium sized enterprises through local banks.

5. ADB will ensure reforms to better conduct its work in the most efficient way. "ADB will strengthen its sector and thematic expertise, enhance staff capacity and streamline procedures. We will deepen our collaboration with civil societyinfo-icon, academia, the private sector and local authorities," Nakao promised.

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