Kuroda led ADB’s first general capital increase in 14 years, which tripled its capital base to $165 billion, and two replenishments of the Asian Development Fund, raising over $23 billion to help meet the needs of ADB’s poorest member countries. To meet the region’s growing demand for development finance, Mr. Under his leadership, ADB tripled its operations from $7.4 billion in 2005 to $21.57 billion in 2012 including cofinancing, formulated its long-term plans as set out in Strategy 2020, and carried out many internal reforms. Haruhiko Kuroda joined ADB on 1 February 2005 and served as ADB President for more than 8 years until 18 March 2013. A huge amount of work still must be done with the new Sustainable Development Goals as important guideposts. About 600 million people have no access to electricity and 1.7 billion still lack improved sanitation. While ADB’s work has contributed to Asia and the Pacific slashing extreme poverty by more than half, the region is still home to 1.2 billion people who live on $3.10 a day or less and almost three-quarters of the world’s underweight children. The merger will boost ADB’s total annual lending and grant approvals to as high as $20 billion-50% more than the current level when it takes effect in January 2017.Īs the era of the Millennium Development Goals (MDGs) draws to a close, the results have been mixed. In May 2014, plans were announced to combine the lending operations of ADB’s two main funds, the Asian Development Fund and its ordinary capital resources. In April 2014, ADB established offices in Nay Pyi Taw and Yangon. In response to reforms initiated by the Government of Myanmar, ADB resumed operations in the country. This increasing gap between the rich and poor focused ADB on the need to promote inclusive growth in the region. While the speed and strength of its economic recovery surprised many, the region still faced daunting challenges and remained home to two thirds of the world’s poor and a growing problem of inequality.
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