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ADB to increase lending up to 50% for sustainable development in APAC

Staff writer |
Implementation of the newly agreed 2030 Agenda for Sustainable Development, inclusive of the 17 Sustainable Development Goals (SDGs), will be supported in Asia and the Pacific.

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That will be done by a renewed partnership forged by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Asian Development Bank (ADB) and the United Nations Development Program (UNDP), on the sidelines of the 70th United Nations General Assembly in New York.

Heads of State and ministers, private sector and civil society representatives, as well as senior officials of international organisations from Asia and the Pacific shared perspectives on addressing key implementation challenges for sustainable development in the region and supported the partnership at a joint side event on the theme ‘Making it Happen: Transitioning from the Millennium Development Goals (MDGs) to SDGs in Asia and the Pacific.’

At a signing ceremony ahead of the high-level forum, ESCAP, UNDP and ADB announced that they will deepen their existing collaboration to advance regional action to end poverty and inequality, support better environmental stewardship, and promote shared prosperity and well-being for all.

Dr. Shamshad Akhtar, United Nations Under-Secretary-General and Executive Secretary of ESCAP, said: “Our regional experience, and relative success in MDG achievement, has set the stage for implementation of the SDGs. What we need now is a focus on areas such as financing, science, technology and innovation – and in this context we have to lead on policy consistency and coherence.”

Mr. Stephen P. Groff, Vice-President of ADB, said: “ADB applauds the increased ambition of the SDGs and will support these in Asia through increased investments in human needs, infrastructure, and cross-border public goods. In financing sustainable development, ADB will increase its overall lending by up to 50 percent from 2017 to around $20 billion a year and double its climate financing to $6 billion a year by 2020.”

The original partnership between UNDP and ESCAP dates from 2001, with ADB having joined in 2004. The three partners embarked on a regional MDGs project to monitor development progress in Asia and the Pacific in a unified way.

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