THE Asian Development Bank (ADB) aims to embark on a review of its engagement with Upper Middle Income Countries (UMICs). which could allow these countries to tap concessional financing.
THE Asian Development Bank aims to embark on a review of its engagement with Upper Middle Income Countries . which could allow these countries to tap concessional financing.
Currently, no country has graduated from ADB assistance, despite the presence of large economies among its Developing Member Countries . However, there are countries that are classified as having grant-only, concessional, and market-based lending. The ADB said its policy on UMICs should be updated and must consider helping UMIC clients in achieving or accesssing global and regional public goods.
Meanwhile, the ADB aims to deepen its focus on five of the region’s most pressing development issues: climate action, private sector development, regional cooperation and public goods, digital transformation, and resilience and empowerment. This enhanced focus will guide the allocation of staff and resources for greatest impact.
“Cascading shocks have derailed years of development progress in Asia and the Pacific. ADB is updating its vision, expanding its financial capacity, and modernizing its operational approach to help its members respond to these unprecedented challenges, including the accelerating climate crisis, public health crises, and economic and fiscal vulnerability,” said ADB President Masatsugu Asakawa.
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