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ADB: NEW ROAD MAP


ADB SHARPENS STRATEGIC FOCUS, INCREASES SUPPORT FOR KEY PRIORITIES

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Sept. 16, 2024, 10:54 a.m. Published in Magazine Issue: VOL. 18, No. 04,
September.13,2024 (Bhadra-28. 2081) Publisher and Editor: Keshab Prasad Poudel
Online Register Number: DOI 584/074-75
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The Asian Development Bank (ADB) has approved an ambitious new road map to guide
its evolution and scale up its support on key challenges facing Asia and the
Pacific, including accelerated efforts to combat climate change and expand
private sector development.

ADB’s Strategy 2030 Midterm Review—an update of its corporate strategy—outlines
how the bank will transform in a rapidly changing development landscape and
respond to challenges that threaten its vision for a prosperous, inclusive,
resilient, and sustainable region.

“Cascading shocks have derailed years of development progress in Asia and the
Pacific. ADB is updating its vision, expanding its financial capacity, and
modernizing its operational approach to help its members respond to these
unprecedented challenges, including the accelerating climate crisis, public
health crises, and economic and fiscal vulnerability,” said ADB President
Masatsugu Asakawa. “Our support is needed now more than ever. This new road map
sets an unprecedented level of ambition and focuses for ADB’s work and will
ensure we meet the moment through bold action and transformative impact.”

The review sharpens ADB’s strategic focus and sets new corporate targets in key
areas. In line with its mandate to fight poverty and improve lives and
livelihoods, ADB will deepen its focus on five of the region’s most pressing
development issues: climate action, private sector development, regional
cooperation and public goods, digital transformation, and resilience and
empowerment. This enhanced focus will guide the allocation of staff and
resources for greatest impact.

To boost the region’s response to climate change, ADB will target for climate
finance to reach 50% of its total annual committed financing volume by 2030. ADB
is committed to reaching more than $100 billion in cumulative climate finance
from 2019 to 2030.

To expand private sector development, ADB will target reaching total private
sector financing of $13 billion for the year 2030, a tripling of current
volumes. This will comprise both its own account financing and all direct
mobilization, including a minimum of $4.5 billion in direct private capital
mobilization. In addition, ADB is targeting 40% of sovereign operations
contributing meaningfully to private sector development by 2030.

These new actions build on ADB’s ongoing efforts to increase its funding
capacity and improve its efficiency in response to calls for reforms to how
multilateral development banks are organized and provide support to their
members.

In September 2023, ADB approved capital management reforms that unlock $100
billion in new funding capacity over the next decade. The reforms expand the
bank’s annual new commitments capacity to more than $36 billion—an increase of
approximately $10 billion, or about 40%.

In June 2023, ADB began implementing the most significant reforms since 2002 to
the way it operates. The implementation of a new operating model is increasing
ADB’s capacity as the region’s climate bank; strengthening its work to develop
the private sector and mobilize private investments; providing a larger range of
high-quality development solutions for its developing member countries; and
modernizing ways of working to make it more responsive, agile and closer to
clients.



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