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Panel will look into rich-poor gap: ADB Chief

Special Correspondent

HYDERABAD: Asian Development Bank president Haruhiko Kuroda on Friday announced that he would convene a panel of eminent persons to provide insights into the region's future in the context of the widening gap between the rich and the poor and other problems associated with development.

He was addressing the opening session of the 39th annual meeting of the bank's Board of Governors here.

Mr. Kuroda said the panel's views would be discussed at the next year annual meeting

Development goals

In the medium term policy that was now being worked out, the bank favoured efforts to begin closing the gaps in incomes and opportunities, with pragmatic and sensible solutions for inclusive social development and sustained and equitable growth.

The goals

For the bank to achieve its millennium development goals, it should make substantial levels of additional investment, particularly in infrastructure.

But, clearly, neither governments nor development institutions would be able to meet the region's demand for infrastructure. The only way it could be met with was to significantly increase private sector participation. Bond market development could be done and the ADB was supporting this through multi-currency offerings, regional guarantee mechanisms and assistance through credit and trading systems.

The bank was working on an energy efficiency initiative for clean energy projects. Efforts were on to introduce carbon market initiative that would address climate and energy security issues.

Mr. Kuroda said that though Asia had made tremendous progress, development was very uneven. Deeper cooperation and integration was the thread to transform this region into a harmonious tapestry of progress for all. In this direction, the countries were coming together to build cross border infrastructure and harmonise policies and regulations.

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