ISLAMABAD: Asian Development Bank (ADB) has adopted a comprehensive reform road map, featuring a new operating model to accelerate its transformation and more effectively serve rapidly changing needs of its developing member countries in Asia and Pacific.

According to ADB statement received here, new operating model would enable bank to increase its capacity as region’s climate bank, strengthen its work to develop private sector and mobilise private investments in region, provide a larger range of high-quality development solutions for its developing member countries and modernise ways of working to make it more responsive, agile and closer to clients.    

These four key shifts will help ADB deliver on ambitious development goals of its corporate strategy, Strategy 2030, statement said adding reforms were most significant at ADB since 2002. 

“These reforms are both timely and essential,” said ADB President Masatsugu Asakawa. “Our new operating model will position us to better respond to complex development challenges now faced by Asia and Pacific. It builds on ADB’s core strength, our staff, to help us deliver solutions with greatest development impact for region,” Asakawa added.

 Road map is result of an organisational review, led by Asakawa that began in June 2021 and was informed by views from ADB’s regional clients, Management, Board of Directors, and staff. Review process was guided by principle of maximising ADB’s development effectiveness.  

For ADB’s clients, new operating model will enhance experience of working with Bank. ADB’s five regional departments covering Central and West Asia, East Asia, Pacific, South Asia and Southeast Asia and resident missions in countries with operations will become a single window for all ADB products and services, both sovereign and non-sovereign.

Published in The Daily National Courier, November, 02 2022

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.