Stating that Asia continues to be the growth engine of the world, Economic Affairs Secretary Subhas Chandra Garg said that the Asian Development Bank must increase its private sector operations to support economic development.

Talking to the Board of Governors of the Asian Development Bank (ADB) in Nadi, Fiji, he said there is a significant need for the agency to concentrate on developing social safety measures and strengthening human capital.

“Therefore, we urge the ADB management to expand its social sector engagements in countries like India, while at the same time, continuing with the focus on making cities smart, providing 24/7 water and power supply, enhancing connectivity and mitigating the risk of climate change. Our regional cooperation initiatives must aim to integrate the countries of the region with the global value chains.”, he said.

ADB’s private sector operations touched $3.14 billion in 2018, a 37% rise from the previous year, equalling 14.5% of its overall lending.

“While ADB should continue helping the member countries harness their growth potential by providing larger financial resources, it must expand its private sector operations across the region. By investing more through equity and infrastructure trusts, ADB can play a meaningful role in development of private sector initiatives.”, said Garg, India’s Alternate Governor on ADB’s Board of Governors.

He further added that ADB has played an important role in helping member countries improve their development landscape these past years.