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Add to Preferred SourcesA senior official at the Asian Development Bank (ADB), Mr. Tomoyuki Kimura, outlined key policy directions of ADB’s new corporate strategy and its importance to Pakistan’s development agenda at a press briefing in Islamabad.
ADB’s long-term strategic framework, Strategy 2030, introduced in July, responds to the evolving economic conditions in Asia and the Pacific and resolves to strengthen its country-focused approach, including support to Pakistan’s development agenda.
“Strategy 2030 enables ADB to better respond to Pakistan’s changing development needs. ADB shares the Government of Pakistan’s vision to accelerate sustainable and inclusive economic growth by promoting innovative technologies and delivering development solutions through a mix of public and private sector operations,” said Mr. Kimura. “ADB supports Pakistan’s agenda of diversifying exports to revitalize the economy and generate jobs. The strategy provides ADB with the framework and tools to tailor development finance, knowledge, and partnerships to specific country needs.”
Under Strategy 2030, ADB will focus on seven operational priorities: (i) addressing remaining poverty and reducing inequalities; (ii) accelerating progress in gender equality; (iii) tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; (iv) making cities more livable; (v) promoting rural development and food security; (vi) strengthening governance and institutional capacity; and (vii) fostering regional cooperation and integration.
Infrastructure investments—particularly sustainable, environmentally friendly investments—will remain a priority. At least 75% of ADB’s operations in Asia and the Pacific will support climate change mitigation and adaptation by 2030. Climate finance is expected to reach $80 billion by 2030. At the same time, ADB will expand operations in social sectors, such as education, health, and social protection, and increase its emphasis on promoting gender equality through its projects.
ADB will also expand and diversify its private sector operations to reach one-third of ADB operations by 2024.
The overarching goal of Strategy 2030 is to reduce extreme poverty and achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. Formulated with extensive region-wide multi-stakeholder consultations and internal review processes, the strategy also outlines plans to modernize business processes, expand its products and instruments, and strengthen its human resources to ensure stronger, better, and faster operations.
Original source: ADB
Published on 19 December 2018