The Asian Development Bank’s Independent Evaluation Department released Tuesday a comprehensive review of the Manila-based institution’s safeguards policy to serve its Asia-Pacific clients more efficiently, effectively and sustainably in the bank’s development programs.
The 89-page report — part of a five year operational requirement following ADB’s implementation of its safeguards policy statement in 2009 — highlights the need for multilateral development banks and other institutions to focus more on a requirements-based approach to designing and implementing social and environmental safeguards, along with increased flexibility and context over an “aspirational approach” to safeguard standards that ADB says the World Bank is currently pursuing to reform its own safeguards policy.
“Safeguards are needed because public and private investors do not automatically mitigate the damages that spill over from their actions,” Vinod Thomas, ADB’s independent evaluation director general, told Devex. “Meeting the safeguards cannot be aspirational or a goal to be considered down the road, but rather a regulation that is legally binding.”
About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
