Asian development lender takes stock as US policy shifts

Asian development lender takes stock as US policy shifts

The Asian Development Bank (ADB) on Sunday urged the United States to continue its investment in the bank amid uncertainty about Washington's commitment to multilateral entities.

The ADB would increase its private-sector operations to 25 percent of its regular ordinary capital resources (OCR) operations by 2020, Nakao said, adding that expansion of such private sector involvements in resource mobilisation would be more visible in poorer countries.

On the sidelines of the Asian Development Bank's annual meeting in Yokohama, The Japan Times, a media partner for the ADB conference, held a seminar entitled "Trump Diplomacy - The View from Asia" moderated by Eric Johnston, deputy manager of the daily's domestic news division.

For quite some time, he said, India has been requesting ADB to adopt Country Systems in this regard and noted that the bank has recently adopted this in the case of Power Grid Corporation of India. "This will help reduce delays in the run-up to project approvals to a great extent", he said. Aso said Japan, the biggest donor to the ADB, would contribute $40 million to a fund promote use of high technology.

Because of Trump's tendency to flip-flop, his policy has been hard to predict and this "may be causing uncertainties among USA allies in Asia", such as how Washington will deal with North Korea and China, Hirotsugu Aida, professor at Aoyama Gakuin University, said at the event.

"I hope the new vision document "Strategy 2030", which the bank is preparing, would include the measures that I and other esteemed colleagues have suggested during these deliberations".

In urban development, especially in the sectors of drinking water and sanitation, Jaitley underlined the major challenges faced by many developing countries in making the system work without having to depend much on budgetary support from the national governments.

Finance ministers, central bank governors and delegates from its 67 member countries participated in the four-day meetings in which they were urged to respond to the changing needs of various member countries, and address climate change and gender inequality.

"In nearly all the developing member countries, a vast majority of the rural populace depends on agriculture and other allied activities".

"ADB is supporting an increasing number of private sector projects in education, health and agriculture". He called upon ADB to focus on climate-resilient agriculture, better farm production technologies, improved value chain management and creation of better marketing infrastructure for farm produce, according to the official statement in New Delhi.

He will also attend the Investors' Round Table Session organised by Confederation of Indian Industry (CII) and Kotak Bank in Tokyo. Find us on Facebook too!

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