Asian Development Bank (ADB) President Masatsugu Asakawa has said the Manila-based lender is committed to partnering with developing economies in Asia and the Pacific to achieve their recovery goals from the novel coronavirus pandemic, read an ADB press release.
"ADB will continue to earn your trust as a steadfast partner during the uncertain times we still face in our region as we build for a strong and lasting recovery," he told the ADB's virtual annual meeting of the Board of Governors, Friday.
He said their work toward a sustainable, resilient and inclusive recovery stands on a foundation of mutual trust formed over decades of cooperation with ADB members.
According to the press release, ADB, in April, announced a $20 billion package to assist its developing members to address Covid-19. This included rapid emergency grants and technical assistance, a new Covid-19 Pandemic Response Option (CPRO) and assistance for the private sector.
Additionally, ADB has so far committed about $11.2 billion in financial and technical assistance to fight the pandemic. Working closely with development partners, ADB has also mobilised about $7.2 billion in co-financing.
As the region moves forward in its recovery journey, ADB President Asakawa said ADB will build on its relationship with its members to support them in six key areas.
First, ADB will promote regional cooperation and integration to help members seize the opportunity that the renewed globalisation can offer in a post-pandemic new normal.
Second, since Covid-19 has contributed to an increase in income inequality and absolute poverty, ADB will strengthen investments in health, education and social protection; which will better ensure safety and opportunities for all while building the human capital that economies need to thrive in the long term.
Third, ADB will accelerate its efforts to tackle climate change in order to reach the goals established in its long-term Strategy-2030 – to reach $80 billion in cumulative climate investments and 75% of the total number of committed operations by 2030.
Fourth, ADB will invest in information technology and data for: health; education; financing for micro, small, and medium enterprises; and remote work. Meanwhile it will also address both the digital divide and cyber security.
Fifth, ADB will help its members strengthen domestic resource mobilisation through international tax cooperation; since all key areas of development require that governments improve their capacity to mobilise financial resources while managing debt sustainability.
And last, ADB will support the efforts of its developing members to secure safe and effective vaccines plus formulate strategies for equitable delivery. To accomplish this, ADB will continue to strengthen collaboration with: the World Health Organization (WHO), the World Bank (WB), GAVI, the Vaccine Alliance, vaccine experts, and pharmaceutical companies.