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The Asian Development Bank (ADB) sets a broad vision for the future of the Asia and the Pacific with a new long-term corporate strategy. ‘Strategy 2030’ outlines an agenda that considers the multiple challenges and the changing needs of this vast and important region. The highly-anticipated plan aligns with the UN’s Sustainable Development Goals and provides a roadmap to a truly “prosperous, inclusive, resilient, and sustainable” Asia-Pacific.

Over the last 50 years, the region has seen significant economic growth and development; a trend that is expected to continue into the foreseeable future. The ADB’s priority has long been the eradication of extreme poverty and it promises to continue its focus on the poorest and most vulnerable countries and areas with this ambitious plan. Strategy 2030 presents 7 operational priorities: addressing poverty and reducing inequalities, tackling climate change and disaster resilience, strengthening governance and institutions, making cities more livable, promoting rural development, advancing gender equality, and fostering regional cooperation and integration. To support this, the ADB will expand and diversify its private sector operations to account for one third of operations by 2030 in order to increase its financier efforts until every $1 in its private sector operations financing is matched by $2.50 in long-term co-financing.

It is ambitious, but it is one of the most comprehensive strategies of its kind. Technology is a central feature in the envisioned future; as the ADB hopes to modernize by injecting more available technology into its business processes and projects. 75% of its committed operations will be pledged to climate change mitigation and adaptation, with $80 billion allocated to its own climate finance resources beginning 2019. The bank will also promote gender equality through a balanced work force and a gender-sensitive approach in all its committed operations in the region. At the same time, it will expand involvement in the education, health, and social protection sectors.

The ADB Board acknowledges that inclusive, country-focused approaches will be necessary to help bring change to all 48 countries in its coverage. But considering the difference in the situations of these countries and the scope of the bank’s capabilities, the governments of these countries must have more political will for sustainability, and civil society must be more strongly engaged in both private and public life. However, in any case, this attempt at working towards the region’s future looks bright – and sustainable.

 

Further Reading:

Strategy 2030: Achieving a Prosperous, Inclusive, Resilient, and Sustainable Asia and the Pacific

ADB Launches Strategy 2030 to Respond to Changing Needs of Asia and Pacific

 ADB’s Strategy 2030 — a first look

 


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