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ADB sharpening strategic focus, increasing support for key priorities

|Focus
19 September 2024

The Podium, ADB Avenue, Ortigas Center, Mandaluyong, Metro Manila, Philippines, photo by Sian Labay on UnsplashOn September the Asian Development Bank (ADB) unveiled an ambitious new roadmap aimed at addressing the pressing challenges facing Asia and the Pacific. This initiative, part of the Strategy 2030 Midterm Review, marks a significant evolution in ADB's approach to development, emphasizing climate action, private sector growth, and resilience in the face of cascading global crises.

Background and Context

Since its establishment in 1966, ADB has played a pivotal role in promoting economic and social development across Asia and the Pacific. The region has seen remarkable progress in poverty reduction and economic growth over the past five decades. However, persistent challenges remain, including climate change, public health emergencies, and economic vulnerabilities exacerbated by recent global shocks. These issues have prompted ADB to reassess its strategies to better align with the evolving needs of its member countries.

ADB President Masatsugu Asakawa highlighted the urgency of this new roadmap: “Cascading shocks have derailed years of development progress in Asia and the Pacific. ADB is

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