[ad_1]
The Asian Development Bank (ADB) will partner with developing economies in Asia and the Pacific to help them recover from the impact of the coronavirus disease (Covid-19) pandemic, according to its boss.
At the opening of the virtual business session of the second part of the 53rd Annual Meeting of the Board of Governors of the Manila-based regional multilateral lender, ADB President Masatsugu Asakawa told attendees that the institution “will continue to win its confidence as a strong partner during the uncertain times we still face in our region as we build for a strong and lasting recovery. “
“Our work towards a sustainable, resilient and inclusive recovery is built on a foundation of mutual trust formed over decades of cooperation with you, our members,” he added.
According to him, the ADB will build on its relationship with its members to support them in six key areas.
First, the ADB will promote regional cooperation and integration to help members seize the opportunity that renewed globalization can offer in a new post-pandemic normal. It will work with developing members to ensure more diversified supply and value chains; and promote regional public goods for better collective prevention of disease outbreaks, mitigation of the impacts of climate change, and improvement of the regional financial safety net.
Second, it will strengthen investments in health, education and social protection to ensure safety and opportunities for all while building the human capital that economies need to prosper in the long term.
Third, the institution will accelerate its efforts to address climate change and meet the goals set out in its Long-Term Strategy 2030: reach $ 80 billion in cumulative climate investments and 75 percent of the total number of committed operations to 2030.
Fourth, the ADB will invest in information technology and data for health; education; financing for micro and medium enterprises; and remote work. It will do so while addressing the digital divide and cybersecurity.
Fifth, it will help members strengthen domestic resource mobilization through international tax cooperation, as all key development areas require governments to improve their ability to mobilize financial resources while managing debt sustainability.
And sixth, the multilateral lender will support the efforts of its developing members to ensure safe and effective vaccines, and to formulate strategies for equitable delivery. To achieve this, it will continue to strengthen its collaboration with the World Health Organization, the World Bank, the GAVI vaccine alliance, vaccine experts, and pharmaceutical companies.
These six areas of support are in addition to ADB’s $ 20 billion package announced in April that aims to help developing members address the pandemic.
So far, it has committed about $ 11.2 billion in financial and technical assistance to combat the health crisis. Working closely with development partners, the ADB has also mobilized about $ 7.2 billion in co-financing.
Only in the Philippines, the institution supports the country’s fight against the pandemic through budget aid and grants.
These include the $ 1.50 billion Covid-19 Active Response and Spending Support Program; $ 200 million project to support social protection: second additional financing; $ 400 million to support the financing of infrastructure generated by the capital market, subprogram 1; Expanded Social Assistance Program of $ 500 million; $ 400 million Competitive and Inclusive Agriculture Development Program, Subprogram 1; Inclusive Finance Development Program of $ 300 million, Subprogram 2; $ 3 million Covid-19 Emergency Response Project; Provision of rapid emergency supplies worth $ 5 million; and Health system improvement for $ 125 million to address and limit the Covid-19 program.
[ad_2]
