Asian Development Bank (ADB) President Masatsugu Asakawa recently said it is incumbent on them to "intensify efforts" to address the climate crisis, eradicate poverty, and foster inclusive socioeconomic development.
The Asian Development Bank, alongside other multilateral development banks, plays a pivotal role in these efforts, he said.
"We meet amidst multiple challenges that impact human and economic development, where progress has stalled for many," Asakawa said speaking at the 57th ADB annual meeting press conference.
"Our efforts will pave the way for a resilient, inclusive, and sustainable region, ensuring that the Asian Development Fund remains a powerful tool for change," he added.
He mentioned that they concluded the pledging session for the Asian Development Fund 14, or ADF 14.
"I am very grateful for the generous pledges from donors, which helped to deliver a replenishment of $5 billion," said the ADB President.
This remarkable replenishment marks the largest ever commitment to ADF’s grant operations, he said.
