ADB projects India's growth at 7.3% in 2018

Image by ADB

Image by ADB

"Women's entrepreneurship is important because it helps us move closer to the goal of achieving a more gender equal Asia and the Pacific", said ADB President Takehiko Nakao at the seminar, attended by policymakers, entrepreneurs, researchers, and development practitioners.

"We will promote regional public goods such as transportation and logistical networks, and protection against communicable diseases".

Duterte greeted the audience at the 51st Annual ADB Meeting on Saturday, May 5, before reading a prepared speech.

The draft 2030 strategy being discussed at ADB's annual meeting, which is expected to be adopted later in the year, calls for focusing more resources and effort on poverty reduction and social sector projects.

Economic Affairs secretary Subhash Chandra Garg said the Asian Development Bank should continue to focus on infrastructure funding and disburse loans within one year from the time a request is made.

The ADB, a Manila-based development lender whose major donors are Japan and the United States, finds itself at a crossroads as its members gather to debate a new strategy to run until 2030.

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Nakao said the ADB was supporting school-to-work programs, financial inclusion and capital market reform, and conditional cash transfers to poor families in the Philippines.

"Our task ahead is to reinvent ADB and meet the challenges of a transforming Asia and the Pacific", Nakao said.

Participants at the meeting said the Philippines was a leading country in implementing its joint investment policy between government and the private sector. "ADB will cooperate with existing and emerging global and regional initiatives", he said.

He said their lending to Bangladesh is "very strong" and will continue that support. During his speech Duterte affirmed that it is only through tackling corruption and implementing a clean economy that both works to reward Filipinos for their labour while also attracting investment from the region and from overseas that the country can help to increase its GDP and its overall economic output.

Also included are the building of livable cities that are competitive, green, resilient, and inclusive; promotion of rural development and food security; strengthening of governance; and fostering regional cooperation and integration. "We are fully aware that, when civil order weakens, progress will no longer be possible", he said. "We will dramatically modernize business processes to speed up our services to clients", he added.

"He is committed to the bank's long-term vision and remains open to reinvention of the institution's programs as we move into a more technologically driven age", the finance chief added.