ADB chief sees boon for Asia in AIIB collaboration, not competition

Focus on inclusive dev ADB annual meet begins Thursday in Manila

ADB chief sees boon for Asia in AIIB collaboration, not competition

"ADB has generally been supportive about our desire for stepping up annual lending", Garg told Mint in an interview prior to his address to the board of governors.

Asked about trade friction between the USA and China, ADB President Takehiko Nakao said Thursday that so far mounting friction has not measurably hurt that activity.

Meanwhile Finance Minister Mangala Samaraweera was among a four-member panel who discussed "Technology for Change" live on CNBC Global on May 4, on the sidelines of the 51st Annual Meeting of the Asian Development Bank.

Nakao said the bank would pursue differentiated approaches because of the different conditions in member countries.

"We have taken into account the financial deficit that Nepal is likely to face while allocating additional budgets at the provincial and local levels under the new governance system that the country has adopted", said Hun Kim, director general at South Asia department of ADB, adding that ADB is now discussing the ways to support Nepal to overcome the fiscal deficit.

We had a very fruitful meeting with the President of Asian Development Bank.

He said the AIIB had observed "very high standards" in terms of its programmes, and the AIIB and the ADB this year hoped to approve several projects which they would co-finance.

South Asia is one of the fastest-growing regions in the world, and its rising population of young people is expected to provide a demographic dividend in the coming decades, the top ADB official observed.

The Secretary-General of SAARC, H.E. Mr. Amjad Hussain B. Sial, made a statement on "Review of Progress in Transition to South Asian Economic Union" and underlined that the Member States may make honest efforts for implementing the objective of achieving South Asian Economic Union, as envisioned by the Leaders of SAARC.

"ADB supports the cooperation between its regional cooperation programs and the Belt and Road Initiative, promotes the process of regional cooperation and integration, and serves the building of a community of shared future for the Asia-Pacific region".

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