Stronger investment climate needed to rebalance economies: ADB
Aditya Suharmoko, The Jakarta Post, Nusa Dua, Bali | Mon, 05/04/2009 5:41 PM
The Asian Development Bank (ADB) says rebalancing economies require a stronger and more stable regional investment climate to channel savings into effective and efficient investment within the region.
"Over the past several years, the ADB has worked with the Asian Bond Markets Initiative (ABMI) to enhance transparency, remove obstacles to investment, broaden investor base and improve related institutions," ADB president Haruhiko Kuroda said Monday.
"To further strengthen the investment climate, Asia needs a seamless infrastructure, which includes physical assets and enabling policies, regulations, and institutions," he said while delivering his speech at the 42nd annual meeting of the Asian Development Bank's (ADB) board of governors here in Bali.
The ADB's infrastructure investments last year totaled more than US$5 billion in transport and energy.
"With financing needs estimated at $750 billion per year, much more needs to be done. Our Asian Infrastructure Financing Initiative, unveiled last year, is a step in that direction," said Kuroda.
ADB will launch Monday a book titled Infrastructure for a Seamless Asia, focusing on major issues in regional infrastructure to the year 2020.
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