MANILA -- The Asian Development Bank (ADB) has reaffirmed its commitment to continue supporting infrastructure development in Asia-Pacific countries, including the Philippines, which is deemed key for promoting economic growth and eliminating poverty.
The multilateral development bank’s Board of Directors has approved a new long-term corporate strategy, Strategy 2030, that sets out its broad vision and strategic response to the evolving needs of Asia and the Pacific.
The ADB said infrastructure investments -- particularly those that are green, sustainable, inclusive and resilient -- will remain a key priority.
“ADB will play an important role in supporting the global agenda of infrastructure development as a source of global growth. Infrastructure will remain a key priority to promote social and economic development,” it noted in Strategy 2030 released on Thursday.
While Asia and the Pacific have made great strides in poverty reduction and economic growth in the last 50 years, it pointed out that issues such as poverty and vulnerability, and large infrastructure deficits remain to be addressed.
“The region still needs considerable resources to fill infrastructure deficits, especially in lagging areas… Poor-quality infrastructure requires urgent attention. In many countries, power outages restrain economic growth and underdeveloped transportation networks restrict the flow of people, goods, and services,” said the ADB.
The bank cited ADB’s most recent estimates, indicating that Asia and the Pacific will need to invest USD26.2 trillion from 2016 until 2030, or USD1.7 trillion a year for infrastructure, to maintain its growth momentum, eradicate poverty, and respond to climate change.
“The private sector will be a critical source of financing,” it said.
At the same time, the ADB will expand interventions in social sectors, such as education, health, and social protection.
The Bank’s seven operational priorities under Strategy 2030 include addressing remaining poverty and reducing inequalities; accelerating progress in gender equality; tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; making cities more livable; promoting rural development and food security; strengthening governance and institutional capacity; and fostering regional cooperation and integration. (PNA)
