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ADB vows to work closely with WB

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By Chino S. Leyco

The head of the Asian Development Bank (ADB) vowed to improve collaboration with the World Bank in the Philippines and other countries across the Asia and Pacific region.

In a statement, Takehiko Nakao, ADB president said that they will adhere to Finance Secretary Carlos G. Dominguez III’s call for the bank to become more efficient, responsive, and better coordinated with the World Bank and other multilateral development banks to meet the changing needs of every country.

“In the Philippines, ADB is already collaborating with the World Bank on the implementation of the government’s conditional cash transfer program and the rehabilitation and recovery efforts in Marawi, among others. We can do better, and will take concrete steps to further improve the process,” he said.

Nakao and Dominguez have had numerous talks in the run-up to ADB’s 50th Annual Meeting in Yokohama in 2017 and ever since.

In his speech in Yokohama, Dominguez emphasized the need for ADB to “reinvent itself.”

More recently, Dominguez wrote a letter to Nakao, asking ADB to promote its position as the region’s premier multilateral institution and expand collaboration with the World Bank, which is under the new leadership of Mr. David Malpass.

Nakao said ADB and the World Bank are exploring new joint initiatives to reduce transaction costs for developing member countries.

The two institutions are exchanging views on how to work more closely in areas such as programming support, procurement, project implementation review, and social and environmental safeguards.

In the Philippines, ADB hosted a meeting on 14 May, chaired by the Department of Finance and joined by the World Bank, and discussed ways to strengthen collaboration in support of government priorities.

Immediate focus areas include tourism development, ocean pollution, disaster risk management, post-conflict resolution, and improving local governments’ ability to deliver public services.

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