Tuesday, 29 September 2020

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15 Sep 2020

Partnerships critical: ADB chief

Foreign Affairs News Desk
Foreign Affairs News Desk
Asian Development Bank President Masatsugu Asakawa/modern diplomacy
Asian Development Bank President Masatsugu Asakawa/modern diplomacy

The coronavirus disease (COVID-19) pandemic has reinforced the need for stronger and more strategic partnerships in Asia and the Pacific, Asian Development Bank (ADB) President Masatsugu Asakawa said at the launch of a new report.

“What has become clear is that no one can tackle the COVID-19 crisis alone. We all need to work together,” Asakawa said and added “The COVID-19 crisis has not reduced the need for partnerships—on the contrary, it has greatly increased the need for partnerships. Our 2019 Report shows that ADB has a strong basis to work from.”

The report details ADB’s co-financing activities in 2019 with bilateral and multilateral institutions, the private sector, and other development partners. ADB’s financing partners committed $11.86 billion in 2019 to projects to help advance development in Asia and the Pacific. Some $4.89 billion of this supported ADB’s sovereign operations.

Of this, $4.51 billion comprised loans that ADB partners provided alongside ADB’s own loans. In addition, ADB mobilized $372 million in grant co-financing last year, which allowed technical assistance or other components to be added to ADB’s sovereign projects for the benefit of ADB’s developing members.

Co-financing in ADB’s private sector operations reached $6.97 billion in 2019. For every dollar of ADB’s private sector long term investments, an additional $1.50 in long term financing from partners was mobilized.

Working with more than 50 financing partners on 167 projects and other development initiatives, ADB’s partnerships delivered outcomes that would not have been possible without shared resources and collaboration, the report says.

“Even in normal times, strong partnerships are vital for ADB,” said Asakawa. “Bringing along partners enables ADB to provide better solutions, and to mobilize more resources to address the complex challenges that our developing member countries face.”

The report showcases stories that illustrate the concrete impact of ADB’s financing partnerships on the ground and how they are aligned with the seven operational priorities of ADB’s Strategy 2030 and its vision of a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.

It also provides a summary of the different types of financing partnerships that supported ADB’s sovereign operations and identifies newly co-financed projects in 2019.

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