The Asian Development Bank (ADB) is playing a critical role in supporting Fiji and other Pacific nations as they navigate a changing economic landscape. As Fiji’s largest external multilateral lender, the ADB works closely with 14 Pacific developing member countries to enhance resilience against economic shocks, deliver sustainable services, and foster inclusive growth.
In an insightful interview with PACNEWS editor Makereta Komai, Emma Veve, the newly appointed Director General of the ADB Pacific Department, discussed the bank’s strategic priorities. Veve highlighted that the ADB’s current approach, which ends in 2025, will undergo reassessment to better align with the needs and challenges of member countries in light of ongoing global issues, including climate change and economic pressures.
Veve expressed her commitment to developing resilience in the Pacific, focusing on projects that support communities in adapting to the anticipated impacts of climate change. She noted significant progress has been made, despite acknowledging that more work is essential. The ADB has invested in initiatives such as desalination plants in various Pacific nations to ensure reliable water supply amid increasingly unpredictable rainfall.
The ADB is also expanding its presence in the region, planning to open a new office in the Solomon Islands soon, which is expected to enhance coordination and support tailored to local needs. An advisor for the North Pacific has been appointed to further strengthen relationships with countries in that region.
Moreover, the ADB marks a proactive approach by addressing crucial topics such as banking accessibility and food security. Veve mentioned that Fiji and Tonga have recently approved local currency bond issuance with the ADB, which is a significant step to mitigate foreign exchange risks for local businesses.
The discussions at the ADB’s recent Annual Meeting in Milan revealed a strong desire among Pacific leaders to address financial stability and regional cooperation. Notably, there is a push for improved correspondence banking relationships and greater utilization of digital technologies to enhance economic participation.
In summary, the ADB’s ongoing efforts to build resilience and support sustainable practices reflect a hopeful future for Pacific nations. By focusing on collaboration with local governments and the private sector, the ADB aims to create conditions that promote economic stability and empower communities across the region. Emma Veve’s leadership is poised to guide these initiatives, ensuring that the ADB remains a vital partner in nurturing economic growth and resilience in the Pacific.
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