Infrastructure development to be ADB’s priority in 2030 Strategy

Asia needs US$1.7 trillion per annum year for investing in power, transport, telecommunications, and water through 2030 to realise its promised prosperity, and building up quality infrastructure is imperative to yield this investment.
Also, Asian countries need to extend cooperation to one another especially in the areas of finance, health, and combat against natural disaster.
Senior policymakers of the Asian Development Bank (ADB) came up with the views as the 50th Annual Meeting of the Board of Governors of the ADB went off to a formal start on Saturday morning in Yokohama, Japan's port city.
This is for the fifth time Japan is hosting the annual ADB meeting -- this time with the theme 'Building Together the Prosperity in Asia'.
Mr Naruhito, Crown Prince of Japan, formally inaugurated the opening plenary of the meet at the Pacifico Yokohama National Convention Hall.
A number official meetings, sideline events and media briefing on different activities of the ADB started three days ago.
In his inaugural remarks, the Japanese Crown Prince said over three hundred million people live in poverty in this region and poverty reduction through sustainable development and inclusive growth remains an important agenda.
Mr Taro Aso, Deputy Prime Minister and Minister of Finance of Japan, also the current chair of the Board of Governors of the ADB, delivered the opening statement wherein he likened ADB to 'family doctor' of the region.

He said though the region is now the driving force of global economy, there is a huge challenge on quality infrastructure, improving the health system, risk of natural disasters and climate change and financial cooperation.    
"I would like to point out that enhancing quality of infrastructure in terms of lifecycle cost and environment and social consideration is important," he told the Asian development-finance summit.
"Japan has been promoting quality infrastructure in Asia in close collaboration with the bank," he added.
He also announced that Japan will provide $40 million over a two-year period to the Bank's newly created trust fund to promote high technologies.
In the opening session ADB president Mr Takehiko Nakao said more investments in infrastructure are needed to support continued growth in Asia and the Pacific and combat climate change.
He also mentioned that investment in infrastructure would be an ADB priority under Strategy 2030, including enhanced support for infrastructure projects that incorporate advanced technologies.
After the formal opening, the first business session of the governors took place.
In this session, Finance Minister AMA Muhith delivered his statement briefly describing the growth prospects of global economy as well as Bangladesh.
Praising the ADB for extending support for regional cooperation, Mr Muhith made an appeal "for working together for the maintenance of standards' and also 'for transformation of assistance from goods and services to more of knowledge transfer".
Governors of the ADB are the finance or development or related ministers of the member-countries while relevant secretaries or government-designated senior officials are the alternate governors.
Finance minister Mr Muhith, as a governor of the ADB, is attending the meet. Mr Kazi Shofiqul Azam, secretary of the economic relations division of Bangladesh, is alternate governor for Bangladesh.
Mr Mohammad Ishaq Dar, finance minister of Pakistan, is the vice-chair of the Board of Governors of the ADB. Another vice-chair is Mr Ignazio Visco, the governor of Bank of Italy.
The Board of Governors meets formally once a year during ADB's Annual Meeting.
All the powers of the institution are entrusted to the Board of Governors, which in turn delegates some of these powers to the Board of Directors. The Board of Directors is responsible for taking decisions on operations including loans, guarantees, investments, technical assistance, borrowings and budgets.  
The 12 Directors of the ADB Board of Directors are elected by the Board of Governors. Eight of the dozen are elected from within Asia and the Pacific and four others are elected from outside the region. The Board of Directors performs its duties full time at the ADB headquarters in Manila, the Philippines.
Mr Takehiko Nakao, the ADB president, is also the chairperson of the board of directors. Mr Kshatrapati Shivaji is the director representing Afghanistan, Bangladesh, Bhutan, India, Lao PDR, Tajikistan and Turkmenistan on the board of directors. Mahbub Ahmed, former finance secretary of Bangladesh, is the alternative director for these countries.
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