Infra development to be main focus of ADB 2020 strategy

Infrastructure will remain the main focus of ADB operations during 2014 and 2020 in the Asia and Pacific region, the Manila-based multilateral funding agency said today.
In its 'Midterm Review of Strategy 2020', the Asian Development Bank said: "ADB will develop infrastructure projects on a larger scale than its own resources could finance and leverage private sector investments more effectively."
It will also pursue policy, regulatory, and governance reforms to strengthen public infrastructure management systems and promote the role of the private sector in infrastructure development, ADB said Midterm Review (MTR) listing out its strategic priorities for 2014-20.
Listing out 10 priorities to 2020, ADB said it will pursue its vision of a region free of poverty, to eradicate extreme poverty and reduce vulnerability and inequality by expanding support for rapid and inclusive economic growth.

It said: "By 2020, ADB will expand education operations to 6-10 per cent and health operations to 3-5 per cent of its annual approvals of financial assistance, from 3 per cent for education and 2 per cent for health during 2008-2012.
"It will emphasise support for social protection, financial inclusion, and inclusive business."

ADB will also scale up support for climate change adaptation, expand regional connectivity to increase trade and commercial opportunities, sharpen approach for development needs of developing member countries (DMCs) as they would attain middle-income country status by 2020, it added.
That apart, ADB will expand assistance for private sector development and operations and strengthen business environments in DMCs to promote private investment.

"To support public-private partnership projects, ADB will help build the necessary regulatory and institutional frameworks, support project development, and provide transaction advisory services," it said.
'One ADB' approach will be adopted for all the bank's departments to work together to provide knowledge solutions, ADB said, adding that it will enhance lending capacity.
Also, the bank said it will seek to increase efficiency, effectiveness and institutional economy as a value to money approach.
Further, ADB said, it will comprehensively strengthen its staff skills, incentives, and institutional arrangements to become a more dynamic, agile, and innovative institution.
"It will undertake a program of strategic recruitment to address critical staff shortages rapidly.