Ensuring Equal Access to Development Benefits: ADB’s Mission
ADB President Emphasizes the Importance of Development and Cooperation in Asia-Pacific Region
During the opening of the ADB Board of Governors meeting, Asian Development Bank President Masatsugu Asakawa highlighted the necessity of ensuring that no one is deprived of the benefits of development due to obstacles in obtaining financing.
Asakawa pointed out that the Asia-Pacific region is currently facing challenges such as climate change impacts, conflicts, and crises that require immediate attention and coordination. He emphasized that the threats associated with climate change, including the melting of glaciers and heat stress on workers, cannot be ignored.
Moreover, Asakawa emphasized the vulnerability of global trade and supply chains to shocks, stating that protectionism and segmentation are not the answer. He advocated for deepening regional cooperation to enhance supply chain resilience, promote cross-border trade, stimulate private sector investment, and strengthen financial partnerships.
The ADB President also underscored the importance of including concessional resources and grants in funding to support the poorest and most vulnerable populations, particularly in small island developing states. As part of these efforts, the Asian Development Fund will provide up to $5 billion to address the needs of those most affected by climate change, economic shocks, and conflicts.
Asakawa concluded by emphasizing the importance of ensuring that the region’s development efforts do not leave behind those who need support the most, and called for continued collaboration and investment in decarbonizing global supply chains to secure a sustainable future for all.
