YOKOHAMA, Japan – No less than the Crown Prince of Japan welcomed participants of the 50th annual meeting of the Asian Development Bank (ADB). 

On Saturday, May 6, Naruhito, the elder son of Emperor Akihito and Empress Michiko, and the heir apparent to the Chrysanthemum Throne, recalled ADB’s inaugural meeting in Tokyo when “Asia and the Pacific was one of the poorest regions in the world.”

“Since then, during the last half century, the countries in this region have made significant progress in economic development and poverty reduction,” he said.

He also praised the role of the Bank in working closely with its member countries and across a range of areas with development assistance.

Even with such progress, the Crown Prince noted that much more still needs to be done, specifically in the area of poverty reduction.

“There are, however, still over 300 million people living in poverty in this region, and poverty reduction through sustainable and inclusive growth remains an important agenda to us,” he said.

He also emphasized the need for infrastructure for sustainable development.

“The region is also faced with a range of challenges, such as developing infrastructure including power supply networks and transportation facilities, as well as addressing natural disasters and climate change,” he said.

The Crown Prince expressed his hope “that the Bank will further play an important role in addressing these issues” and that “the participants gathered here in Yokohama from around the world will combine their wisdom and work towards overcoming various challenges, so that we can together build Asia’s prosperity.”

The 50th annual meeting of the ADB’s Board of Governors in Yokohama has been ongoing since May 4, but the official opening session was on Saturday. 

The meeting, with the theme “Building Together the Prosperity of Asia,” has seen 5,000 government officials, business executive, industry leaders, civil service representatives, and journalists from around the world, gather to talk about the impact of infrastructure on development, and solutions to other urban challenges.

The Crown Prince, 56, also attended the Bank’s annual meetings 20 years ago in Fukuoka, and in Kyoto in 2007. According to reports, Japan is planning for Emperor Akihito, 83, to retire and be replaced by Crown Prince Naruhito on January 1, 2019, as the country works on a legal framework for its first abdication in 200 years.  

ADB’s priorities

In his speech at the opening, ADB President Takehiko Nakao cited the achievements of ADB over the last 50 years, specifically for combining finance and knowledge to support developing member countries, promoting good policies, and fostering regional cooperation and friendship.

“In the past 50 years, ADB has provided about $270 billion of loans and grants, based on a cumulative $7 billion of paid-in capital contributions from 67 members, and $30 billion of contributions from 34 members to the Asian Development Fund,” he said.

He also said that “Asian countries have adopted prudent macroeconomic policies and open trade and investment regimes, as well as strong investment in infrastructure and education, all underpinned by clear long-term visions,” through ADB’s help in the form of “high-level dialogue with state leaders and ministers, technical assistance, capacity building, and policy-based budget support loans.” 

Nakao identified 5 future priorities of the Bank: supporting infrastructure development, social sectors like health and education, gender equality, more effective public-private parternships, and continued reforms in the ADB.

“Implementing the Sustainable Development Goals and the climate actions agreed at COP21 in 2015 are collective priorities for Asian economies,” he added. – Rappler.com