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Statement of the Union Finance Minister in First Business Session of 48th ADB Annual Meeting at Baku

Dated:- 4-5-2015 - Following is the Text of the Statement of the Union Finance Minister Shri Arun Jaitley at the First Business Session of the 48TH Annual Meeting of the Asian Development Bank (ADB) at Baku, Azerbaijan today: Mr. Chairman, Governors of ADB and Heads of Delegations, Mr. President, Ladies and Gentlemen. It gives me immense pleasure to participate in the 48th Meeting of the ADB Board of Governors at Baku - the city of winds - the largest city in the world below the sea level. Mr. C .....

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merger of ADF resources with OCR and reforming ADB. We are pleased to note progress on both these areas. President Nakao deserves our appreciation for the highly consultative process through which the merger of ADF resources with OCR was managed. This was critical to securing the unanimous consent of all ADF donors. To use the enhanced lending capacity, thus available, ADB has to build a strong project pipeline for implementation from 2017. The Mid Term Review of Strategy 2020 focused on strateg .....

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be at work both in the developed and emerging market economies. In midst of the continuing global economic vicissitude, the Asia-Pacific region appears to be the functional growth engine for the world economy. Asian Development Outlook 2015 estimates Asia to grow at 6.3% in 2015 and 2016. According to various estimates, India is expected to grow at 7.5-8.0% in both 2015 and 2016. This only reaffirms India s fascinating growth prospects. In a time span of less than a year, our Government has take .....

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o-financing has increased to over US$9 billion. ADB s increased focus on delivery has started showing results. The disbursements in 2014 were 17% higher than the past year. I am told that the contract awards have been the best in the past five years. We hope to see this emphasis on delivery to continue. Bigger ADB - Twenty by Twenty Development needs of Asia and Pacific region are large and growing. If Asia has to provide growth impetus to the rest of the world, this region has to make significa .....

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y. I urge my fellow members to respond favourably to enable ADB meet the aspirations of its clients in Asia and Pacific. Looking Beyond 2020 While Strategy 2020, formulated in 2008, continues to remain relevant, considering the new opportunities and challenges, we should start work on our Strategy to guide ADB Operations post 2020. Our vision should not be constrained by what we can do with existing resources but must be guided by what we need to do. We must do everything that is needed to suppo .....

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