Photo: Collected
Asian Development Bank (ADB) President Masatsugu Asakawa on Sunday (5 May) said ADB will remain equipped to support people of the region in a "rapidly changing global and regional landscape" with their focus on key directions.
“ADB’s new operating model will continue to emphasize climate action and private sector development. To advance our shifts under the new operating model, and ensure accountability, we will also introduce new ways of working,” he said.
These include new digital tools, regional work programs, and corporate performance indicators, he added.
The ADB President was addressing the business session of the Board of Governors at the 57th ADB Annual Meeting here in the Georgian capital.
Chair of the Board of Governors Lasha Khutsishvili and Bangladesh Finance Minister AH Mahmood Ali, among others, were present.
This year, Asakawa said, ADB will use the Strategy 2030 midterm review, and the Corporate Results Framework for 2025-2030, to learn and continue to evolve support to clients.
ADB will "effectively and efficiently" use its newly expanded lending capacity to support key priorities, along with their members most in need, he said.
"We will finalize the fourteenth replenishment of the Asian Development Fund. This will allow us to support the region’s poorest and most vulnerable countries until 2028," said the ADB President.
The ADB President said the outlook for Asia and the Pacific remains solid.
However, he said, over the past year, developing member countries (DMCs) have confronted the growing challenges of climate change, conflict, food insecurity, and increased debt.
The climate crisis in particular threatens the region’s development.
2023 was the warmest year on record. Last year also saw disasters, many from natural hazards, affect about 44 million people in Asia and the Pacific.
ADB’s major capital management reforms from the past year unlocked up to $100 billion in new lending capacity for the next decade.
Similarly, the new operating model (NOM) has enabled the lender to deliver better, faster, and more tailored support to developing member countries.
"More broadly, our performance last year demonstrated strong progress in areas that are key to achieving our priorities," said the ADB President.
Messenger/Mumu
