ADB outlines plan to ensure "stronger" Asia-Pacific recovery from pandemic

MANILA, May 5 (Xinhua) -- The Asian Development Bank (ADB) expressed optimism on Wednesday that the Asia-Pacific region can emerge from the COVID-19 pandemic "even stronger than before" by focusing on five areas to help achieve a "prosperous, inclusive, resilient, and sustainable future."

"I believe the path we have laid out will help lead our region out of these uncertain times," ADB President Masatsugu Asakawa said in remarks to the ADB Board of Governors at its 54th annual meeting.

Asakawa outlined the ADB's five-point plan for the region, including the need to place ambitious climate actions at the center of development, with an increased focus on adaptation and resilience, and with full commitment to the goals of the Paris Agreement.

He also stressed the need to address inequality, including the gender gap, by investing in health, education, and social protection.

Another area is to promote high-quality green and digital infrastructure, enabling economies to rebuild smartly while closing the digital gap and attracting substantial private investment.

Asakawa said the ADB will also focus on deepening regional cooperation and integration so that ADB developing members can seize the opportunities of renewed globalization and strengthen regional health security.

He also stressed the need to strengthen domestic resource mobilization to ensure that governments can finance sustainable growth and respond effectively to future crises.

"We will prioritize the quality of our assistance over quantity, meeting near-term needs with a clear vision for the future. If we stay on this course, I am confident the region will emerge from the current crisis even stronger than before," Asakawa added.

The ADB said its total commitments in 2020 reached a record high of 31.6 billion U.S. dollars, with just over half supporting operations to respond to the pandemic.