«No one should be deprived of the benefits of development because of obstacles to obtaining financing,» Asian Development Bank President Masatsugu Asakawa said at the opening of the ADB Board of Governors meeting.
According to him, the population of the Asia-Pacific region is now faced with problems that require close attention and coordination. The impacts of climate change continue unabated, and the risks of conflict and crisis can quickly undermine people’s livelihoods.
Masatsugu Asakawa noted that the threats associated with climate change cannot be ignored. «The melting of glaciers causes enormous destruction downstream. And workers, from fields to factories, especially women, suffer greatly from heat stress. The future depends on how we support the people, industries and ecosystems affected by the heat,» he believes.
The ADB President stressed that global trade and supply chains are vulnerable to shocks. But the answer cannot be protectionism and segmentation.
Free trade and free movement of capital have benefited our region for decades, and this must be a step forward.
Masatsugu Asakawa
He called for seeking options to deepen regional cooperation to improve supply chain resilience, promote cross-border trade, stimulate private sector investment and strengthen financial and fiscal partnerships. In addition, finding ways to decarbonize global supply chains is also considered important.
«Our bridge to the future cannot leave behind those who need it most. The poorest and most vulnerable people, including in small island developing states, face the greatest burdens of climate change, economic shock and conflict. Our funding must continue to include concessional resources and grants. The Asian Development Fund played a crucial role in this. We will be able to provide up to $5 billion to meet these needs,» the ADB head concluded.
