ADB board to discuss 'Strategy 2030' to build 'prosperous' Asia

The board of governors of the Asian Development Bank (ADB) will later this week discuss its long term strategy for 2030 to keep up with changing needs of the region.

The ADB board of governors from 67 member nations would meet here on May 5 for the bank's 51st annual meeting and deliberate on the theme - 'Linking people and economies for inclusive development'.

Economic Affairs Secretary Subhash Chandra Garg will represent India at the meet. Following the discussions by the board on Saturday, the ADB 'Strategy 2030' for achieving a prosperous, inclusive and resilient and sustainable Asia is likely to be adopted by the multilateral lender later this year.

Under Strategy 2030, ADB will sustain its efforts to eradicate extreme poverty, given the region's unfinished poverty agenda, and expand its vision to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, the bank said.

In its Asian Development Outlook (ADO) released last month, the ADB had projected developing Asia to clock economic growth of 6 per cent in 2018 and 5.9 per cent in 2019. It cited global trade friction and capital outflows as potential risks to the outlook.

India would remain the fastest growing Asian nation with a 7.3 per cent growth this fiscal and 7.6 per cent in 2019-20, according to the ADO.

With representations by over 3,000 delegates from across the world, the ADB meetings would also discuss the impact of technology on jobs, as also ways to deal with climate change. The deliberations will have views from over 200 civil society groups.

As a precursor to the plenary session of board of governors on May 5, various seminars would be organised beginning tomorrow on issues like addressing gender gaps through women's entrepreneurship and economic empowerment, and the role of private sector in meeting Asia's huge infrastructure needs estimated at USD 1.7 trillion annually until 2030.

ADB, based in Manila, works towards reducing poverty in Asia and the Pacific through inclusive and sustainable economic growth, and regional integration. Established in 1966, it is owned by 67 members48 from the region.