Japan, the largest donor to the Asian Development Bank (ADF) has asked that particular emphasis is placed on Small Island Developing States (SIDS) in the disbursement of Asian Development Fund (ADF14) funds.
The call was made by Shunichi Suzuki, the ADB Governor for Japan, in his statement to the Annual Governors meeting in Tbilisi, Georgia Sunday.
“A particular emphasis should be placed on SIDS, which are confronting the negative impact of climate change such as natural disasters, aggravated by their idiosyncratic characteristics such as small domestic markets and geographical remoteness from major economies.”
“Japan strongly supports the expansion of ADF’s assistance to SIDS, which we believe will help the region foster its resilience and promote regional cooperation and integration.
Suzuki said the Asian Development Fund (ADF) is an important vehicle in addressing development challenges faced by low-income and fragile countries.
“It helps tackle poverty, economic and gender inequality, climate change, and natural disaster response.”
Japan played a leading role in the series of the ADF14 replenishment negotiations.
“We are preparing to contribute approximately 162 billion yen, representing 35% of total donor contributions, which would proudly remain the largest contribution, said Suzuki.
He also raised the issue of debt vulnerabilities of some middle-income and low-income countries, who are members of the ADB.
Japan urged creditor countries to provide necessary debt treatments to restore the debt sustainability of these countries
“I hope that ADB, working closely with other Multilateral Development Banks (MDBs), will play an indispensable role in supporting the economic stability and development of Developing Member Countries (DMCs). This support should include policy advice and technical assistance for securing debt sustainability and strengthening debt management capacity, said Suzuki.
As the ADB approaches its 60th anniversary in three years, Japan has urged the bank to lead by example – and become the important development bank of choice for its members in the Asia Pacific region.
“Under President Masatsugu Asakawa’s leadership, ADB must continue to be the regional home doctor and most reliable development partner in the region, while leading by example for other regional development banks.
“The importance of ADB will continue to be elevated over the next decade and beyond, said Suzuki.
He’s announced that Japan will host the 60th ADB Annual Meeting in 2027.
