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ADB vows to be developing Asia's partner for recovery from Covid-19

The Asian Development Bank (ADB) is committed to partnering with developing economies in Asia and the Pacific to achieve their recovery goals from the coronavirus disease (Covid-19) pandemic, President Masatsugu Asakawa said in an address to ADB's board of governors on Friday.

ANI | Manila | Updated: 18-09-2020 15:47 IST | Created: 18-09-2020 15:47 IST
ADB vows to be developing Asia's partner for recovery from Covid-19
ADB has so far committed about $11.2 billion in financial and technical assistance to fight the pandemic. Image Credit: ANI

The Asian Development Bank (ADB) is committed to partnering with developing economies in Asia and the Pacific to achieve their recovery goals from the coronavirus disease (Covid-19) pandemic, President Masatsugu Asakawa said in an address to ADB's board of governors on Friday. "ADB will continue to earn your trust as a steadfast partner during the uncertain times we still face in our region as we build for a strong and lasting recovery," he said.

"Our work toward a sustainable, resilient and inclusive recovery stands on a foundation of mutual trust formed over decades of cooperation with our members," said Asakawa while speaking at the meeting held in a virtual and abbreviated format due to the Covid-19 pandemic. As the region moves forward toward recovery, he said. ADB will build on its relationship with its members to support them in six key areas.

First, ADB will promote regional cooperation and integration to help members seize the opportunity that renewed globalisation can offer in a post-pandemic new normal. Second, since Covid-19 has contributed to an increase in income inequality and absolute poverty, ADB will strengthen investments in health, education and social protection which will better ensure safety and opportunities for all while building the human capital that economies need to thrive in the long term.

Third, ADB will accelerate its efforts to tackle climate change in order to reach the goals established in its long-term Strategy 2030 -- to reach 80 billion dollars in cumulative climate investments and 75 per cent of the total number of committed operations by 2030. Fourth, ADB will invest in information technology and data for health; education; financing for micro, small, and medium enterprises; and remote work while also addressing both the digital divide and cyber security.

Fifth, ADB will help its members strengthen domestic resource mobilisation through international tax cooperation since all key areas of development require that governments improve their capacity to mobilise financial resources while managing debt sustainability. And last, ADB will support the efforts of its developing members to secure safe and effective vaccines, and to formulate strategies for equitable delivery.

To accomplish this, ADB will continue to strengthen collaboration with the World Health Organisation, the World Bank, GAVI the Vaccine Alliance, vaccine experts and pharmaceutical companies. (ANI)


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