Manila based multi-lateral funding body Asian Development Bank (ADB) today said it would realign its operations in the Asia-Pacific region to give a thrust to inclusiveness, saying the region continues to face huge poverty challenges.
"The Asia-Pacific region is changing fast- and so must ADB. The challenge for ADB is to help developing member countries eradicate remaining poverty, support greater inclusiveness to address inequalities, and become more relevant and effective in middle-income countries," ADB President Takehiko Nakao said.
He was speaking during the release of ADB's mid-term review report on its long-term strategic framework -Strategy 2020.
"The report shows that extreme poverty in the region can be eliminated by 2025. However, this may not be enough. Poverty in Asia and the Pacific is understated on the current poverty threshold of USD 1.25 per day...This threshold is too low for poor populations in the region to subsist," Nakao said.
He said ADB would realign its operations to emphasise on inclusiveness, building resilience and strengthening support for middle-income countries.
Citing the report of mid-term review, ADB said the region continues to face a huge poverty challenge and more than 700 million people live below the extreme poverty line of USD 1.25 per day.
It said inequalities within and between countries in the region are also increasing. The report has identified 10 strategic priorities.
The report said there is a need to sharpen and re-balance ADB operations, strengthen responsiveness to the changing business environment as well as increase capacity and effectiveness.
ADB said it will continue to focus on infrastructure development as it plays a critical role in reducing poverty and promoting inclusive growth.
The funding body said it will also double its investments in health and education sectors.
Among others, the report also outlines ADB's new approaches in mobilising resources, simplifying processes, strengthening staff skills, and using information and communications technology, Nakao said.
