The Asian Development Bank intends to overhaul its operations and prioritize programs that have a higher likelihood of success. The move followed growing criticisms on the financial lender’s stalled reform agenda. “It is clear that in the years ahead, ADB will become a different institution in several important ways,” a white paper published by the Bank read. “It will make deliberate decisions about the extent of its engagement and, for effectiveness reasons, commit major resources only to operational areas where results will be substantial within a reasonable period.” Donor agencies have expressed weariness over the bank’s scattered outlook and ineffective implementation of projects. The ADB plans to introduce the proposed changes in 2009, and, more importantly, agreed to draft a new long-term strategy approach, shifting the focus of strategic priorities until 2020.
Source: ADB seeks to overhaul lending scheme: Paper (AFP)