ADB President: Developments in Armenia will have no impact on our projects

Alicia Farmer
May 5, 2018

The Asian Development Bank (ADB) has said that it will support the government of Nepal in mitigating the resource deficit that the country is now facing in implementing the federal system.

In his opening statement, the Chairman thanked ADB for its continuous support to SAARC.

The Twelfth Informal Meeting of SAARC Finance Ministers was held in Manila, the Philippines, on 04 May 2018 on the sidelines of the 51st Annual Meeting of Asian Development Bank.

Nakao said the two institutions were different in many ways, which meant they could collaborate more effectively.

The Asian Development Bank (ADB) has agreed to accelerate ongoing bilateral projects in Sri Lanka valued at over Dollars 3.6 billion and further enhance the already existing robust bilateral cooperation.

Likewise, various seminars and discussions are also under way regarding the role of private sector in meeting infrastructure needs in the region, technology and labour market in South Asia and entrepreneurial growth in the region. About $250 million is invested annually in the infrastructure of Georgia through the bank.

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The ADB has forecast growth of 6.0 percent for developing Asia this year, fuelled by solid export demand, but it has warned that US protectionist measures and subsequent retaliation could undermine trade.

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.

Over the years, Yu said, ADB has made prominent contribution to its developing members' endeavor in tackling various challenges, poverty reduction and development.

And fostering regional cooperation and integration.

The fund was launched at an event attended by ADB Vice-President for Knowledge Management and Sustainable Development Mr. Bambang Susantono, ADB Vice-President for Private Sector and Cofinancing Operations Mr. Diwakar Gupta, ADB Chief Economist Mr. Yasuyuki Sawada, and DFID Asia Regional Deputy Head Mr. Duncan Overfield.

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