Haruhiko Kuroda. (AFP/File - Hoang Dinh Nam)
The meeting takes place against the backdrop of a region that has seen steady growth, but also one that is also vulnerable to growing inflation and a weak eurozone.
A wide range of issues will be discussed this week, ranging from talking about the impact of global financial developments on Asia, to new opportunities for growth to the role of key emerging Asian economies.
High on the agenda is inclusive growth through better governance and partnerships, with the widening gap between the rich and the poor in Asia becoming a key concern across the region.
President of the Asian Development Bank Haruhiko Kuroda urged Asian governments to address and manage the problem of rising income inequality with more urgency during the opening of the annual meeting.
"Unfortunately, while the region has made remarkable progress in reducing poverty, the benefits of growth have yet to reach several hundreds of millions of Asians who continue to struggle on less than US$1.25 a day," he said.
"The very drivers of Asia's economic success -- new technology, globalization and market-oriented reforms -- have also served to create and increase disparities within and among Asian economies."
Mr Kuroda added that "while these economic trends cannot and should not be reversed, it is critical that they be counterbalanced by policies that will make growth in the region more inclusive".
He also announced that amid a bleak global economic scenario, the Asian Development Bank was able to raise US$12.4 billion to fund its anti-poverty efforts.
The contributions to the Asian Development Fund (ADF) will cover the regional bank's operations from 2013 to 2016 and is bigger than the previous funding period's US$11.3 billion.
"ADF borrowers face significant development challenges, and have fewer resources of their own to address them," he said. "We particularly appreciate the strong support and generosity of our donor countries in view of the difficult challenges many are facing at home themselves.
"The replenished ADF will help borrowing countries promote inclusive and environmentally sustainable growth through investment in infrastructure, education, social safety nets, and clean and renewable energy, among others."
On Thursday, day two of the annual meeting, renowned economist Jeffrey Sachs and finance officials from the Philippines, Japan, India, and China will lead a discussion on what Asia must do to weather and help resolve the global economic downturn and the Eurozone crisis.
- CNA/wm
Asian Development Bank board of governors meeting kicks off
Business growth in Asia was on the minds of over 4,000 delegates -- including ministers, business leaders and other industry movers -- in the Philippines on Wednesday, as the Asian Development Bank kicks off its 45th annual meeting of the Board of Governors.
Haruhiko Kuroda. (AFP/File - Hoang Dinh Nam)
The meeting takes place against the backdrop of a region that has seen steady growth, but also one that is also vulnerable to growing inflation and a weak eurozone.
A wide range of issues will be discussed this week, ranging from talking about the impact of global financial developments on Asia, to new opportunities for growth to the role of key emerging Asian economies.
High on the agenda is inclusive growth through better governance and partnerships, with the widening gap between the rich and the poor in Asia becoming a key concern across the region.
President of the Asian Development Bank Haruhiko Kuroda urged Asian governments to address and manage the problem of rising income inequality with more urgency during the opening of the annual meeting.
"Unfortunately, while the region has made remarkable progress in reducing poverty, the benefits of growth have yet to reach several hundreds of millions of Asians who continue to struggle on less than US$1.25 a day," he said.
"The very drivers of Asia's economic success -- new technology, globalization and market-oriented reforms -- have also served to create and increase disparities within and among Asian economies."
Mr Kuroda added that "while these economic trends cannot and should not be reversed, it is critical that they be counterbalanced by policies that will make growth in the region more inclusive".
He also announced that amid a bleak global economic scenario, the Asian Development Bank was able to raise US$12.4 billion to fund its anti-poverty efforts.
The contributions to the Asian Development Fund (ADF) will cover the regional bank's operations from 2013 to 2016 and is bigger than the previous funding period's US$11.3 billion.
"ADF borrowers face significant development challenges, and have fewer resources of their own to address them," he said. "We particularly appreciate the strong support and generosity of our donor countries in view of the difficult challenges many are facing at home themselves.
"The replenished ADF will help borrowing countries promote inclusive and environmentally sustainable growth through investment in infrastructure, education, social safety nets, and clean and renewable energy, among others."
On Thursday, day two of the annual meeting, renowned economist Jeffrey Sachs and finance officials from the Philippines, Japan, India, and China will lead a discussion on what Asia must do to weather and help resolve the global economic downturn and the Eurozone crisis.
- CNA/wm
Haruhiko Kuroda. (AFP/File - Hoang Dinh Nam)
The meeting takes place against the backdrop of a region that has seen steady growth, but also one that is also vulnerable to growing inflation and a weak eurozone.
A wide range of issues will be discussed this week, ranging from talking about the impact of global financial developments on Asia, to new opportunities for growth to the role of key emerging Asian economies.
High on the agenda is inclusive growth through better governance and partnerships, with the widening gap between the rich and the poor in Asia becoming a key concern across the region.
President of the Asian Development Bank Haruhiko Kuroda urged Asian governments to address and manage the problem of rising income inequality with more urgency during the opening of the annual meeting.
"Unfortunately, while the region has made remarkable progress in reducing poverty, the benefits of growth have yet to reach several hundreds of millions of Asians who continue to struggle on less than US$1.25 a day," he said.
"The very drivers of Asia's economic success -- new technology, globalization and market-oriented reforms -- have also served to create and increase disparities within and among Asian economies."
Mr Kuroda added that "while these economic trends cannot and should not be reversed, it is critical that they be counterbalanced by policies that will make growth in the region more inclusive".
He also announced that amid a bleak global economic scenario, the Asian Development Bank was able to raise US$12.4 billion to fund its anti-poverty efforts.
The contributions to the Asian Development Fund (ADF) will cover the regional bank's operations from 2013 to 2016 and is bigger than the previous funding period's US$11.3 billion.
"ADF borrowers face significant development challenges, and have fewer resources of their own to address them," he said. "We particularly appreciate the strong support and generosity of our donor countries in view of the difficult challenges many are facing at home themselves.
"The replenished ADF will help borrowing countries promote inclusive and environmentally sustainable growth through investment in infrastructure, education, social safety nets, and clean and renewable energy, among others."
On Thursday, day two of the annual meeting, renowned economist Jeffrey Sachs and finance officials from the Philippines, Japan, India, and China will lead a discussion on what Asia must do to weather and help resolve the global economic downturn and the Eurozone crisis.
- CNA/wm
