Plan for ADB to play vastly bigger role in Asian development

Tokyo

A GREATLY expanded role for the Asian Development Bank (ADB) which would see the Manila-based institution shift from its current core mission of poverty reduction to a much-wider role in helping Asia's middle-income countries to manage their economic development was proposed in a report published on Monday.

The vision sees the ADB expanding its financial and knowledge-sharing functions to include provision of regional infrastructure networks, sustainable development strategies, reform of state-owned enterprises (SOEs), development of small firms and help with technological innovation and climate change, among others. "Investments from public, multilateral and private sources running into trillions of dollars will be needed for a new wave of structural reforms and modernisation programmes to enable Asia's middle-income economies sustain strong growth," the report suggested.