Asian Development Bank (ADB) yesterday assured developing economies in the Asia and the Pacific of its support in achieving their recovery goals from the COVID-19 pandemic.
Masatsugu Asakawa, ADB president said the Manila-based lender will build on its relationship with its members to support the region’s a sustainable, resilient, and inclusive economic recovery.
“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,” Asakawa said at the ADB’s Board of Governors meeting.
“Our work toward a sustainable, resilient, and inclusive recovery stands on a foundation of mutual trust formed over decades of cooperation with you, our members,” he added.
Asakawa identified six key areas where ADB can help its member nations.
First, ADB committed to promote regional cooperation and integration to help members seize the opportunity that renewed globalization can offer in a post-pandemic new normal.
“While there are some who suggest that recent border closures and travel restrictions are signs that globalization has ground irreversibly to a halt, I do believe that globalization will return, but it will take a different shape,” Asakawa said.
Second, since COVID-19 has contributed to an increase in income inequality and absolute poverty, ADB vowed to strengthen investments in health, education, and social protection.
Asakawa said it 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 percent 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—while also addressing both the digital divide and cyber security.
Fifth, ADB will help its members strengthen domestic resource mobilization through international tax cooperation, since all key areas of development require that governments improve their capacity to mobilize financial resources while managing debt sustainability.
Lastly, ADB will support the efforts of its developing members to secure safe and effective vaccines, and to formulate strategies for equitable delivery.
In April, ADB announced a $20 billion financing package to help its developing members address COVID-19.
So far, the ADB has committed about $11.2 billion in financial and technical assistance to fight the pandemic.