ADB Holds Historic 50th Meeting, Pledges Infrastructure Development, Tackling Inequality
Yokohama. The Asian Development Bank concluded the 50th annual meeting on Sunday (07/05) by reiterated its commitment to infrastructure development in Asia to challenge poverty, climate change, urbanization problems, aging and widening social inequality in the region.
Held in Yokohama, Japan, under the theme of "Building Together the Prosperity of Asia," the meeting brought together nearly 6,000 government officials, academics, business executives and civil society representatives.
"The meeting helped us collectively reflect on how the region has grown over the past 50 years, how ADB has contributed to the region's growth and development, and what role ADB should play in the future," ADB president Takehiko Nakao said in his closing remarks.
"ADB will continue to evolve to stay responsive to the changing needs and aspirations of our developing member countries," he said.
The Manila-based lender said it plans to increase its financing in the region by $20 billion by 2020 from last year's $17.5 billion.
Nakao said that the lender will increase its co-financing programs with other multilateral development banks, including the China-backed Asian Infrastructure Investment Bank (AIIB) and the World Bank, and with the private sector. Last year, ADB's co-financing with public and private partners reached the record figure of $13.9 billion.
"ADB will continue to play a key role in mobilizing the vast resources needed for infrastructure development in the region," Nakao said.
According to a recent ADB study, Asian countries are still doing poorly in attracting private capital — which is estimated to have $4 trillion for global infrastructure investments — to regional projects.
Nakao said ADB aims to promote greater and more effective use of public–private partnerships (PPPs) and seeks to support private companies working on solar, wind and geothermal power infrastructure, highways, telecommunications and ports, as well as education, health care and agriculture.
Minister of Finance Sri Mulyani Indrawati welcomed ADB's initiatives by saying she looks forward to working with the lender in developing Indonesian infrastructure.
"[Developing] infrastructure is a necessary condition for shrinking the inequality gap, although it's not the only condition," Sri Mulyani said, adding that the government also needs to pay attention to education and social security.
A 2014 study c0-published by the ADB found that the Gini coefficient in Asia increased to 0.46 in the late 2000s from 0.39 in the mid-1990s, reflecting an annual increase rate of 1.4 percent.
ADB is aware of the pressing need to tackle inequality and supports especially the health and the education sectors in its strategy for the next decade, Nakao said. The lender pledges to support the broadening of health care coverage, technical and vocational education and training (TVET), and social security in the region, he said.
Nakao also said there is a pressing need to strengthen the lender's thematic expertise, enhance the capacity of its staff and streamline financing procedures to member countries to make sure they will not obstruct the region's rapid development.
The Jakarta Globe was in Yokohama upon the ADB's invitation.
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