Business, gov’t leaders discuss infrastructure for inclusive growth in ADB annual meeting

Natashya Gutierrez
Business, gov’t leaders discuss infrastructure for inclusive growth in ADB annual meeting
The theme of the 50th ADB Annual Meeting held in Yokohama is 'Building Together the Prosperity of Asia' as executives discuss solutions to achieving sustainable growth in the region.

YOKOHAMA, Japan – After the ASEAN Summit in the Philippines, the discussion on sustainable and inclusive growth for the region continues, as 5,000 participants from all over the word gather here, for the 50th Asian Development Bank (ADB) Annual Meeting.

In the next few days, government officials, business executives, media, civil society representatives and youth from Asia and the Pacific region will meet to talk about solutions, with a particular focus on the development of infrastructure towards achieving long-lasting development. This year’s theme is “Building Together the Prosperity of Asia,” a similar theme to the ASEAN summits held in Manila, including the “Prosperity for All” Summit.

But in this meeting, which will run from May 4-7, solutions will be likely more concrete.

Specifically, discussions will center around the role of the private sector in development programs and financing these projects, through public-private partnerships and cofinancing.

“Asia is growing. The global economic center is shifting towards Asia, and becoming closer to the Pacific, giving opportunities to Pacific countries to grow together, from toursm, investment, trade and other channels, and private investments. What ADB does is how we can provide and finance good infrastructure to afford this cooperation,” Xianbin Yao, the Director General of the Asia Pacific Region told reporters on Thursday, May 4.

Other issues that will be discussed are urban challenges and climate resilience for cities, and other issues central to development like rising inequality, macroeconomic stability, progress on the Sustainable Development Goals, and financial inclusion. Meetings will also talk about ADB’s successes since the Asian financial crisis and lessons from 50 years of the ADB.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration, and is celebrating 50 years of development partnership in the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.

Manila will play host to the 2018 annual meeting. – Rappler.com