ADB chief calls for inclusive growth and more partnerships

The annual meeting of the Asian Development Bank takes place in New Delhi, India. Photo by: ADB

The 46th Annual Meeting of the ADB Board of Governors opened today with the new bank president naming solutions to key development challenges in the Asia-Pacific region as well as discussions related to this year’s theme: “Development through Empowerment.”

“The theme encompasses issues that are critical for sustaining high and inclusive growth in developing Asia,” the bank’s newly-elected chief Takehiko Nakao said in his first public speech since he officially assumed power on April 28.

The new president named the following as the remaining challenges that the Asia Pacific region is facing: poverty, growing inequality, climate change, food security, fragile states, gender equality and regional integration.

The key to address these issues? Enhancing private sector development.

“I intend to push this agenda forward vigorously by enhancing operations for private sector development and promoting public-private partnerships,” Nakao vowed.

Other solutions he mentioned were inclusive growth, environmentally-sustainable growth, and regional cooperation and integration.

Highlights

These issues were addressed in the event highlights of May 2, including:

  • Meeting of the Board of Directors of the ASEAN Infrastructure Fund Limited, where the the full operationalization beginning second half of 2013 of the $1-billion AIF was reconfirmed. The AIF board also discussed Myanmar as a possible new member, and the strides taken for infrastructure projects and for public-private partnerships.

  • “Urban Asia: Financing Livable Cities” seminar, that tackled urban challenges and solutions for forging long-term resilience strategies and for sourcing investments in sustainable urban infrastructure.

  • “Towards Developing and Implementing an Integrated Disaster Risk Management in Asia and the Pacific” forum, which aimed to cement an integrated disaster risk management framework for the region, and stimulate conversations on disaster preparedness, best practices and financing.

  • “Innovation for Inclusion” seminar, where ADB Board of Governors Chair P. Chidambaram led the discussions in exploring the ability of innovation to provide sustainable solutions to regional challenges in food and nutrition, education, health, water and sanitation, and financial access.

  • Signing by the ADB and the government of Papua New Guinea of two loans worth a total of $66.7 million to raise electricity access rates in Port Moresby to 74 percent and to light up about 3,000 low-income households.

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About the author

  • Johannamorden profile

    Johanna Morden

    Johanna Morden is a community development worker by training and a global development journalist by profession. As a Devex staff writer based in Manila, she covers the Asian Development Bank as well as Asia-Pacific's aid community at large. Johanna has written for a variety of international publications, covering social issues, disasters, government, ICT, business and the law.