ADB aims to raise $1.7tr annually for region

Investments will be made in power, transport, telecommunications and water till 2030

YOKOHAMA: Asian Development Bank (ADB) President Takehiko Nakao said on Saturday that the region will require $1.7 trillion per year in investments in power, transport, telecommunications and water till 2030.

During his speech at the Annual Meeting of ADB Board of Governors in Yokohama, Japan, Nakao said that the figure is more than double of the previous estimate, reflecting additional investments which are required to support the continued growth.

The ADB president also listed five chief priorities of the bank and said that supporting infrastructure development would remain the top priority.

“We will incorporate more advanced technologies since our developing member countries care about maintenance costs and the resilience of infrastructure,” he said.

He added that member countries aspire for innovative technologies for their projects. And many innovative companies across the world, including in emerging economies, are keen to contribute to Asia’s development.

“We have already initiated reforms in our business processes for project preparation and procurement to promote greater use of advanced technologies.”

On the other hand, the ADB president said that social sectors would be another priority, especially in matters of health. “The bank will support universal healthcare systems and cross-border initiatives to combat communicable diseases such as malaria, tuberculosis and HIV,” he said.

Meanwhile, ADB will continue to support Technical and Vocational Education and Training and help improve the quality of secondary education in member countries.

“We will further promote gender equality which has been a key area of ADB operations for many years,” he said, adding that gender inequality was a cross-cutting issue that influences all social and economic processes. “We will design projects that help women and girls to secure higher skills, better health, more jobs and a larger voice in decision making.”

Published in The Express Tribune, May 7^th, 2017.

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