Priority to voice of developing countries urged in ADB

(Xinhua)
Updated: 2008-05-04 23:22

MADRID  -- A senior Chinese official on Sunday called on the Asian Development Bank (ADB) to give high priority to its developing members and let their voice be better heard.

"ADB should actively consider reforming its internal governance structure, so that developing members can play a more important role in the decision making," Li Yong, vice finance minister of China, told a seminar on the sidelines of an annual meeting of the ADB, which began here Saturday.

Li Yong said developing members should be heard more in designing strategy and policy of the ADB since they are the targets the bank serves.

Established in 1966, the ADB is an international development finance institution in the Asia-Pacific region whose mission is to help its developing members to reduce poverty and improve life quality of their people, mainly through grants or low-interest lending to support development projects.

It now has 67 members, including some developed countries like the United States, Japan and the host Spain.

After over 40 years in action, the bank is currently formulating a new long-term strategic framework to guide itself during the period till 2020.

Li said the new strategy of the ADB should conform with development trends in the Asia-Pacific region and meet diversified needs of its developing members.

"ADB needs to create new comparative advantage to the changing requirements of developing members while building stronger operations of traditional advantages, such as infrastructure, agriculture and also regional cooperation," he said.

Li's remarks were made one day before the ADB's highest policy-making body, the Board of Governors, which comprises one representative from each of its 67 members, meets on the future of the institution, providing guidance on the ADB administrative, financial and operational directions.



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