ADB Policy Taps Private Sector in Fight vs Poverty
The Asian Development Bank yesterday launched a new strategy aimed at strengthening the role of the private sector as the driving force to sustain the region's recovery from financial crisis.
The new strategy announced by the ADB president Tadao Chino is seen as a complement to its main thrust of reducing poverty in the region because it would allow much-needed government funds to be freed for health services, education and social safety nets.
"The strategy consists of a systematic and coherent framework that will guide the ADB's activities to promote private sector development across the region," the Manila-based regional institution said in a statement.
Under the scheme, the ADB will work toward three main aims: creating the conditions for business to thrive, generating business opportunities and catalyzing private investments.
One major focus is rooting out corruption in order to encourage investment.
"There is no greater disincentive to business than the feeling of uncertainty and vulnerability brought about by corruption, abuse of discretion and bureaucratic interference," said the bank, which is assembling a new anti-corruption squad.
In the private sector, the bank said it aimed to "promote good governance through various means such as reviews of commercial laws and regulations and establishment of credible accounting and auditing standards. …