[Philippines], May 6 (ANI): Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg sought increased assistance from the Asian Development Bank (ADB) towards for the capacity-building efforts.
Garg, who attended the Plenary Session of the ADB's 51st Annual Meeting in Manila, highlighted the need for taking into account the likely impacts of the technical advancements that are taking place owing to Artificial Intelligence, robotics, and so on, so that the ADB can equip the member countries to reap maximum benefits out of these advancements. He further stated that the strategy should focus more on West and South Asia as interventions in East Asia are already done fairly well.
In terms of the private sector, Garg emphasised that the ADB's operations as envisaged in the strategy should be enhanced and there should be more focus on equity participation. He also stated that there is absolutely no case for an increase in the cost of various loan instruments as there is no capital deficiency in ADB.
The top Finance Ministry official, during the Business Session, lauded the ADB for focusing on poverty eradication, quality jobs and increased support for social sectors while reiterating its commitment to building the infrastructure, and suggested that the Bank continues to focus on its key areas of strength like urban infrastructure, energy, transport, and disaster management.
Furthermore, Garg called for a targeted approach towards poverty eradication, taking into account the regional imbalances and an absolute number of poor people in Asia and the Pacific. He also welcomed the collaboration between the ADB and the International Solar Alliance (ISA) and urged the former to move forward in this direction as expeditiously as possible. He also called for greater decentralisation in decision-making, and strengthening of resident missions of the ADB, along with concerted efforts towards increasing lending for the private sector in developing member countries.
Welcoming the ADB's pledge to support an inclusive growth, Garg highlighted the need to develop innovative financing instruments to cater to the specific needs and priorities of the member countries.
On a related note, the DEA secretary is leading an Indian delegation to the 51st Annual Meeting of the ADB, who also held meetings with the Japan Bank for International Cooperation and discussed a wide range of bilateral issues. (ANI)