ISLAMABAD: The Asian Development Bank has approved an ambitious new roadmap 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.

The Mid-term Review of ADB Strategy 2030 — an update of its corporate strategy — outlines how the bank will transform in a rapidly changing development landscape and respond to challenges threatening its vision for a prosperous, inclusive, resilient, and sustainable region.

“Our support is needed now more than ever, and this new road map sets an unprecedented level of ambition and focus for ADB’s work and will ensure we meet the moment through bold action and transformative impact,” says ADB President Masatsugu Asakawa.

Cascading shocks have derailed years of development progress in Asia and the Pacific; for that reason, ADB is updating its vision, expanding its financial capacity, and modernising 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, he said.

The review sharpened ADB’s strategic focus and set new corporate targets in key areas. It 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.

Published in Dawn, September 8th, 2024