Summary Jilani says ADB’s continued technical and financial assistance was highly commendable
MANILA (APP) – Pakistan on Saturday proposed Asian Development Bank (ADB) to further strengthen its resident missions to oversee the operations of projects more effectively.
Addressing the 51st annual meeting of Board of Governors of the ADB, Economic Affairs Division Secretary Syed Ghazanfar Abbas Jilani said that the ADB may also further strengthen its capacity to support social sector, help expand private sector, operations including Public-Private-Partnerships (PPPs), enabling development member countries to address these challenges.
He said that the recent initiatives in CAREC and the China Pakistan Economic Corridor (CPEC) will contribute to improve regional connectivity, build modern infrastructure, and create enormous job opportunities in the entire region.
Jilani said that the ADB’s continued technical and financial assistance was highly commendable and would enhance regional connectivity and trade between CAREC member countries.
The secretary said that many of the development member countries had continued to face challenges caused by entrenched poverty and vulnerability, global economic uncertainty, climate change and environment degradation, urbanization and aging, therefore, it was imperative for ADB to build on its strength to support infrastructure financing and regional integration.
“The 21st century has distinctive characteristics with a shift from industrial economies to knowledge-based economies, today Asia is ready to leave this momentous transformation. If the potential of our economy is fully harness through appropriate policies and plan of actions, Asia will certainly play a far greater role in world affairs in promoting global well being,” he added.
Jilani said that in the realization of ADB’s vision of poverty free prosperous Asia pacific region, “I would like to specifically mention that we had useful discussion on the strategy 2030 early this morning which will continue to engage us till its finalization later this year”.
He also appreciated ADB president’s role in introducing reforms and initiatives which were being implemented by the ADB leadership.
“I would also like to appreciate the expansion of ADB’s operation during the recent years by mobilizing more financial resources through the merger of ADB’s Asian Development Fund and ordinary capital resources facilities as well as arranging co-financing from other bilateral and multi-lateral partners.”
He said: “Special importance are the ADB’s policy-based program loans that proved pivotal in supporting the reform agendas of the developing member countries.”
The secretary said that the Pakistan government also “appreciates the proposal regarding the project readiness technical assistance loan with advance facilities.”
