Investment in health, education and social protection alongside deeper regional cooperation can help countries in Asia Pacific region in achieving equitable recovery from the pandemic, Asian Development Bank (ADB) said on Wednesday.
Speaking at the board of governors meeting, ADB President Masatsugu Asakawa said the region can emerge from the Covid-19 pandemic even stronger than before by addressing climate, inequality, infrastructure, regional cooperation and resource mobilisation related challenges.
Highlighting that ADB was quick to respond to the coronavirus outbreak by granting assistance followed by USD 20 billion Covid-19 assistance package, he said ADB will continue to deliver its “unique synergy of finance, knowledge and partnerships”.
“We will prioritize the quality of our assistance over quantity, meeting near-term needs with a clear vision for the future.
If we stay on this course, I am confident the region will emerge from the current crisis even stronger than before,” Asakawa said while speaking on ‘Toward a Lasting and Equitable Recovery: ADB’s Leadership and Country Presence during the COVID-19 Crisis’.
He counted five areas to be critical to achieving a lasting and equitable recovery for Asia and the Pacific.
“First, we must place ambitious climate actions at the centre of development, with increased focus on adaptation and resilience, and with full commitment to the goals of the Paris Agreement. Second, we need to address inequality including the gender gap—which has worsened during the pandemic—by investing in health, education, and social protection,” he said.
Further, high quality green and digital infrastructure should be promoted to rebuild smartly while closing the digital gap and attracting substantial private investment, he said, adding regional cooperation and integration should be deepened, so that the developing member countries can seize the opportunities of renewed globalization and strengthen regional health security.