The Asian Development Bank's (ADB) Board of Directors has approved a new long-term corporate strategy, Strategy 2030, that sets out the institution's broad vision and strategic response to the evolving needs of Asia and the Pacific, according to the bank's press release AKP received yesterday.
Asia and the Pacific has made great progress over the last half century in poverty reduction and economic growth, but there are unfinished development agendas, said ADB President Mr. Takehiko Nakao. Under Strategy 2030, we will combine finance, knowledge, and partnerships to sustain our efforts to eradicate extreme poverty and expand our vision towards a prosperous, inclusive, resilient, and sustainable region.
ADB's aspirations are aligned with major global commitments such as the Sustainable Development Goals, the Financing for Development agenda, the Paris Agreement on climate change, and the Sendai Framework for Disaster Risk Reduction. Given the size of Asia and the Pacific, achieving such commitments will depend critically on the region's success.
Strategy 2030 recognises that the ambitious global development agenda must be tailored to specific local circumstances. ADB will strengthen its country-focused approach, promote the use of innovative technologies, and deliver integrated interventions that combine expertise across a range of sectors and themes and through a mix of public and private sector operations.
ADB will continue to prioritise support for the region's poorest and most vulnerable countries. It will apply differentiated approaches to meet the diverse needs of various groups of countries: fragile and conflict-affected situations, small island developing states, low-income and lower middle-income countries, and upper middle-income countries. Across these country groups, ADB will also prioritise support for lagging areas and pockets of poverty and fragility.
Infrastructure investments�particularly those that are green, sustainable, inclusive, and resilient�will remain a key priority. At the same time, ADB will expand operations in social sectors, such as education, health, and social protection.
ADB's support will focus on seven operational priorities: (i) addressing remaining poverty and reducing inequalities; (ii) accelerating progress in gender equality; (iii) tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; (iv) making cities more livable; (v) promoting rural development and food security; (vi) strengthening governance and institutional capacity; and (vii) fostering regional cooperation and integration.
ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
ADB is composed of 67 members, 48 of which are from the Asia and Pacific region. Cambodia became a member of this financial institution in 1966.
Source: Agency Kampuchea Press