Asia and the Pacific region can achieve a lasting and equitable recovery from the Covid-19 pandemic by focusing on climate actions, inequality, promoting high-quality green and digital infrastructure, regional cooperation and integration and strengthening domestic resource mobilisation, says Asian Development Bank.
The regional lender also said that the Asia and the Pacific region can emerge from the coronavirus disease pandemic “even stronger than before” by focusing on five areas to help achieve a prosperous, inclusive, resilient, and sustainable future.
ADB President Masatsugu Asakawa made the remarks to the ADB Board of governors at its 54th Annual Meeting held virtually on Wednesday.
“I believe the path we have laid out will help lead our region out of these uncertain times. We will continue to deliver ADB’s unique synergy of finance, knowledge, and partnerships,” said Asakawa.
“We will prioritize the quality of our assistance over quantity, meeting near-term needs with a clear vision for the future. If we stay on this course, I am confident the region will emerge from the current crisis even stronger than before,” said the top boss of the regional lender.
The ADB outlined a five-point agenda for the region covering areas critical to achieving a lasting and equitable recovery for Asia and the Pacific.
Place ambitious climate actions at the centre of development, with an increased focus on adaptation and resilience, and with full commitment to the goals of the Paris Agreement, said Asakawa.
He also urged authorities concerned to address inequality including the gender gap—which has worsened during the pandemic—by investing in health, education, and social protection.
The ADB chief underscored the need for promoting high-quality green and digital infrastructure, enabling economies to rebuild smartly and closing the digital gap and attracting substantial private investment for Covid-19 recovery.
He also called for deepening regional cooperation and integration, so that ADB developing member countries can seize the opportunities of renewed globalization and strengthen regional health security.
ADB’s total commitments in 2020 reached a record high of $31.6 billion, with just over half supporting operations to respond to the pandemic.
The balance was committed to addressing long-term development issues such as the gender equality gap, the impacts of climate change, and investments in quality infrastructure.
These achievements were supported by record-high co-financing of $16.4 billion and record-high capital market borrowings of over $35 billion.
“During the height of the pandemic, I reassured my staff that we will someday look back with pride at what we accomplished for the people of the region. I believe more than ever that this is true,” Asakawa said.
