The Asian Development Bank (ADB) is an important development partner for Australia that is able to leverage significant financial resources and expertise for sustainable development and poverty reduction in the Asia-Pacific region. Its strategic priorities closely align with the objectives of Australia’s aid program including in such areas as infrastructure development, effective governance, disaster risk reduction and private sector development.
The Minister for International Development and the Pacific, Senator the Hon. Concetta Fierravanti-Wells, will attend the 50th Asian Development Bank Annual Meeting in Yokohama, Japan, 5-7 May 2017, on behalf of the Treasurer, the Hon Scott Morrison MP.
Under the theme “building for prosperity”, the meeting brings together Finance and Development Ministers, Central Bank Governors, private sector and civil society representatives from 67 member countries to discuss the ADB’s key priorities and exchange views on global and regional economic and development issues.
While there, the Minister will meet with the Board of Governors to discuss the ADB’s strategic plan out to 2030, how to respond to rising inequality in the region, and will also deliver Australia’s Governor’s Statement, outlining Australia’s view of the broader challenges and goals of the Bank.
“I want to reinforce with the ADB the importance of high-quality engagement and effective project implementation in Pacific countries,” Minister Fierravanti-Wells said.
“Coordination with other international financial institutions is also important for the ADB, especially in promoting economic reform in the region and making the most effective use of its financial resources,” she said.
In addition, the Minister will hold bilateral meetings with some of our key economic and development partners, as well as the President of the Asian Development Bank, Takehiko Nakao, and members of his senior leadership team.
Australia has a strong commitment to the ADB as its 5th largest shareholder in the Bank, 3nd largest donor to the Bank’s Asian Development Fund since its inception, and a leading co-financier.
Between 2013 to 2016 Australia’s support, along with other donors, helped to build or upgrade 34,000 kilometres of roads and 1,400 kilometres of railways, provided 3 million households with access to new or improved water supply, and trained 2.4 million teachers to provide better education for the region’s students.