ADB president Takehiko Nakao laid out the multilateral bank’s future course during its annual board of governors meeting, which runs from Monday until Thursday.

On quality jobs, Nakao said the ADB was contributing to job creation and improved workplace conditions by supporting education and skills development for youth, particularly young women; promoting core labor standards; and investing in key infrastructure, such as power plants, roads and railways, especially in fragile and conflict-affected countries.

“Employment opportunities, especially for our youth, are essential to make the economy vibrant and to promote social stability. We should also ensure a safe and decent work environment,” said Nakao. 

Nakao emphasized that the private sector was Asia’s “engine of growth”.

By driving innovation and creating opportunities, he said the private sector had become “the basis for Asia’s vibrant future”.

In 2015, the Manila-based ADB provided US$2.6 billion in financing to private sector companies and projects, up by 37 percent from 2014.

It ranged from supporting financial sector development and delivering infrastructure to providing critical social services through the private sector — all with a strong focus on poorer countries.

For every dollar the ADB provides, it mobilizes at least $4 more in commercial financing.

The third area Nakao highlighted was climate change.

“Climate action is fundamental to the region’s sustainable development,” he said.

The ADB has pledged to double annual climate financing to $6 billion by 2020 as evidence of its commitment to action.(dmr)

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