The Asian Development Bank announced on May 5, 2021, that investment in social protection, education, and health along with deeper regional cooperation can help the nations in the Asia-Pacific region to achieve an equitable recovery from the COVID-19 pandemic.
The President of ADB, Masatsugu Asakawa while speaking at the board of governors meeting said that the Asia-Pacific region can emerge from the pandemic even stronger than before by focusing on inequality, climate, regional cooperation, infrastructure, and resource mobilization related changes.
The President also highlighted that ADB was quick to respond to the pandemic outbreak as it granted assistance followed by USD 20 billion COVID-19 assistance package. He added that ADB will continue to deliver its unique synergy of knowledge, finance, and partnerships.
| ADB President while speaking on ‘Toward a Lasting and Equitable Recovery: ADB’s Leadership and Country Presence during the COVID-19 crisis’ pointed that we need to prioritize the quality of our assistance over quantity and meeting near-term needs with a clear vision for the future. He added that if everyone stays on this course, the region will definitely emerge from the current crisis even stronger than before. |
5 point agenda to achieve lasting recovery in the Asia-Pacific region:
1. The ADB President suggested that the countries must place climate actions at the centre of the development along with an increased focus on resilience and adaptation, with full commitment to the goals of the Paris Agreement.
2. Inequality including the gender gaps must be addressed by investing in education, health, and social protection. The gap has worsened during the pandemic.
3. High-quality green and digital infrastructure must be promoted to rebuild smartly while closing the digital gap and attracting substantial private investment.
4. Regional cooperation and integration must be deepened, so that the developing member nations can seize the opportunities of strengthening the regional health security and renewed globalization.
5. Domestic resource mobilization must be strengthened in order to ensure that the governments have all the resources that they need to finance sustainable growth and respond effectively to future crises.
ADB contribution during the pandemic:
• Out of the bank’s USD 20 billion Covid Assistance Package, USD 16.1 billion was committed in the year 2020. It included USD 10 billion for the quick disbursal budget support under CPRO- Covid-19 Pandemic Response Option.
• The funding agency had also mobilized a record USD 16.4 billion co-financing.
• It embarked on an unprecedented borrowing programme of over USD 35 billion in order to ensure the ready resources for a pandemic response while remaining financially stable.
• The donor members ADB also approved over USD 4 billion for the replenishment of ADB for 2021 to 2024 ensuring that the developing member nations most in need will not be left behind.
• ADB had also announced USD 9 billion APVAX or Asia Pacific Vaccine Access Facility in order to help the member countries in procuring and delivering safe and effective vaccines as equitably and swiftly.
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