Islamabad, Sep8: An ambitious new strategy to direct its evolution and increase its support on major issues confronting Asia and the Pacific, such as stepping up efforts to battle climate change and boost private sector development, has been agreed by the Asian Development Bank.
An update to its corporate strategy, the Mid-term Review of ADB Strategy 2030, describes how the bank will adapt to a development environment that is changing quickly and how it will address issues that jeopardize its goal of creating a prosperous, resilient, inclusive, and sustainable region.
Masatsugu Asakawa, president of ADB, states, “Our support is needed now more than ever. This new road map sets an unprecedented level of ambition and focus for ADB’s work and will ensure we meet the moment through bold action and transformative impact.”
ADB is updating its vision, increasing its financial capacity, and modernizing its operational approach to help its members respond to these unprecedented challenges, including the accelerating climate crisis, public health crises, and economic and fiscal vulnerability, he said. Cascading shocks have halted years of development progress in Asia and the Pacific.
The assessment established new corporate targets in important areas and focused ADB’s strategic emphasis. It will intensify its attention on five of the most important development concerns facing the region: resilience and empowerment, digital transformation, public goods and cooperation in the region, private sector development, and climate action.
