Asian Development Bank (ADB) President Masatsugu Asakawa on Friday said it is incumbent on them to "intensify efforts" to address the climate crisis, eradicate poverty, and foster inclusive socioeconomic development.
The Asian Development Bank, alongside other multilateral development banks, plays a pivotal role in these efforts, he said.
"We meet amidst multiple challenges that impact human and economic development, where progress has stalled for many," Asakawa said speaking at the 57th ADB annual meeting press conference, reports UNB.
"Our efforts will pave the way for a resilient, inclusive, and sustainable region, ensuring that the Asian Development Fund remains a powerful tool for change," he added.
He mentioned that they concluded the pledging session for the Asian Development Fund 14, or ADF 14.
"I am very grateful for the generous pledges from donors, which helped to deliver a replenishment of $5 billion," said the ADB president.
This remarkable replenishment marks the largest-ever commitment to ADF’s grant operations, he said.
"It demonstrates ADF donors’ continued partnership with ADB to address the pressing development challenges of those most in need. It makes ADF’s 50th anniversary a golden anniversary indeed," he added.
Established in 1974, ADF is dedicated to eradicating poverty and enhancing the quality of life in Asia and the Pacific’s poorest and most vulnerable countries.
ADF combines contributions from ADB members with net income transfers from ADB’s ordinary capital resources.
"Our ADF grants are more important than ever as our poorest and most vulnerable members seek to reverse recent development setbacks and to spur urgent action to combat the climate crisis," he said.
My visits to ADF projects have reinforced the transformative impact of this support.
Key Features of ADF 14
First is continued support for the vulnerable.
ADF 14 prioritises small island developing states, which are among the most vulnerable, especially to climate change.
Second is ADF’s transformational agenda. ADF 14 focuses on climate change adaptation, disaster risk reduction, promoting gender equality, and driving forward regional cooperation and integration, including regional public goods.
Third is responsive assistance. ADF 14 remains ready to respond to disasters, health emergencies, and large cross-border displacements in a flexible manner.
And fourth is crisis support. ADF provides essential support to the people of Afghanistan and Myanmar to focus on their basic needs.
"Our discussions with donors over recent months have shaped a robust vision of ADF’s next four years, reflecting our collective commitment to a sustainable future," said the ADB president.
"The generous backing from our donors not only fuels these initiatives but fosters a spirit of international cooperation that is crucial in times of global crises," he added.
This collaboration enhances their collective capacity to face challenges that no single country can overcome alone.
The theme of this year’s annual meeting is “Bridge to the Future,” recognising Georgia’s location as a crossroads between East and West.
It reflects the linkages between Asia and Europe, highlighting the physical, financial, and economic connections now and for the future.
