ADB urges US to continue investment

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The Asian Development Bank (ADB) on Sunday urged the US to continue its investment in the bank amid uncertainty about Washington's commitment to multilateral entities.

During the bank's 50th annual meeting in Yokohoma, south of Tokyo, ADB President Takehiko Nakao said American investment had been efficient and productive over the years, Efe news reported.

"I hope this administration will continue to support us," Nakao told a press conference.

Japan and the US are the major financial contributors to the ADB, whose role and relevance have been challenged following the creation of the Asian Infrastructure Investment Bank (AIIB) sponsored by China, a venture the two counties have not decided to join as yet.

Since its founding in 2015, the 70-member AIIB has succeeded in gaining more members than the ADB.

Nakao said at the beginning of the summit on May 4 that the goal was to cooperate and not compete with the other regional bank.

The ADB held its annual meeting to discuss a series of challenges on poverty and sustainable growth amid growing protectionism.

Finance ministers, central bank governors and delegates from its 67 member countries participated in the four-day meetings in which they were urged to respond to the changing needs of various member countries, and address climate change and gender inequality.

The ADB also agreed to promote universal health coverage and make developing countries better prepared to cope with rapidly expanding pandemics that can become economic risk factors. The next meeting will take place in Manila in 2018.

--IANS

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