ADB confident Asia Pacific would emerge from the pandemic “stronger than before”

The Asian Development Bank (ADB) expressed strong confidence this week in the Asia Pacific region emerging from the pandemic stronger than before provided that required emphasis is given to five key areas.

While outlining a five-point agenda for the region to achieve a lasting and equitable recovery, ADB President Masatsugu Asakawa affirmed that the agency will prioritize the quality of assistance over quantity, and meeting near-term needs with a clear vision for the future.

“I believe the path we have laid out will help lead our region out of these uncertain times. We will continue to deliver ADB’s unique synergy of finance, knowledge, and partnerships. “If we stay on this course, I am confident the region will emerge from the current crisis even stronger than before,” said Asakawa during his address at the ADB Board of Governors 54th Annual Meeting held this week.According to the ADB chief, the five areas that require urgent attention are; climate change, inequality including the gender gap, promotion of high-quality green and digital infrastructure, deepening of regional cooperation and integration, and lastly the strengthening of domestic resource mobilization.

According to Asakawa, action on these priorities could build on ADB’s response to COVID-19 in 2020. 

The total commitments in 2020 reached a record high of US$ 31.6 billion, with just over half supporting operations to respond to the pandemic. The balance was committed to address long-term development issues such as the gender equality gap, the impacts of climate change, and investments in quality infrastructure. 

To rollout the action plan that would help the region get back on track after being heavily impacted by the pandemic, Asakawa stressed that the regional development bank needs an inspired and responsible internal management to support this challenging agenda and remain a model of innovation, inclusion, and stability in the years ahead. 

Fostering diversity within the ranks of ADB to reflect the population served, was highlighted as one of the key areas that require emphasis.