ADB to stir up private sector financing for infra

MANILA -- The Asian Development Bank (ADB) will work with Asia-Pacific countries, including the Philippines, to build more quality infrastructure and other development projects in partnership with the private sector.

This is to support inclusive and sustainable growth momentum, the regional development bank said.

ADB President Takehiko Nakao highlighted on Saturday the 10 priorities in the ADB's socalled "Strategy 2030", a new long-term strategy to respond to the rapid changes in the region.

“We will mobilize private sector resources to meet the region’s huge development financing needs. Our private sector operations help fill market gaps and promote private sector participation in infrastructure and other development finance,” he said at the opening session of the Board of Governors at the 51st ADB annual meeting held in Manila.

Nakao said the ADB would further scale up private sector operations, widen their geographic coverage, including new and frontier markets, and expand operations in social sectors, such as health and education.

“We will also continue to promote the effective use of public-private partnerships. We will enhance resource mobilization through credit enhancement operations and co-financing with bilateral and multilateral partners,” he said.

To strengthen governance, Nakao said the ADB would support public sector management reforms through policybased lending and dialogue.

“ADB will help governments enhance their capacity to prepare, implement, and operate highquality projects, and we will help raise standards globally for environmental and social safeguards, sound financial management, and anti-corruption,” he added.

In the Philippines, the ADB chief said it was financing urban mass transport in Manila and Davao, the railway connecting Malolos and Clark, roads and bridges in Mindanao, and clean water and sanitation projects in local communities.PNA