ISLAMABAD, Nov 1 (APP):The Asian Development Bank (ADB) has adopted a comprehensive reform road map, featuring a new operating model, to accelerate its transformation and more effectively serve the rapidly changing needs of its developing member countries in Asia and the Pacific.
According to ADB statement received here, the new operating model would enable the bank to increase its capacity as the region’s climate bank; strengthen its work to develop the private sector and mobilize private investments in the region; provide a larger range of high-quality development solutions for its developing member countries; and modernize ways of working to make it more responsive, agile and closer to clients.
These four key shifts will help ADB deliver on the ambitious development goals of its corporate strategy, Strategy 2030, the statement said adding the reforms were the most significant at ADB since 2002.
“These reforms are both timely and essential,” said ADB President Masatsugu Asakawa. “Our new operating model will position us to better respond to the complex development challenges now faced by Asia and the Pacific. It builds on ADB’s core strength, our staff, to help us deliver solutions with the greatest development impact for the region,” Asakawa added.
The road map is the result of an organizational review, led by Asakawa, that began in June 2021 and was informed by views from ADB’s regional clients, Management, Board of Directors, and staff. The review process was guided by the principle of maximizing ADB’s development effectiveness.
For ADB’s clients, the new operating model will enhance the experience of working with the Bank. ADB’s five regional departments—covering Central and West Asia, East Asia, the Pacific, South Asia, and Southeast Asia—and resident missions in countries with operations will become a single window for all ADB products and services, both sovereign and nonsovereign.
Staff and expertise from the sectors, themes, and other specializations in which ADB operates will be consolidated, with increased deployment to regions and countries to offer a better range and quality of solutions, resulting in more staff working in the field, closer to clients.
The new operating model is expected to roll out in the second quarter of 2023. A phased implementation will minimize disruptions to ADB’s clients and development partners.