The Asian Development Bank pledged to expand its resources for financing infrastructure building in the region as its annual gathering ended Tuesday in the Azerbaijan capital of Baku, boosting its lending capacity and introducing new steps to attract private investment.
The measures to scale up and reform its operations came as China has been increasing its influence around Asia and is set to establish a new multilateral lending body with over 50 founding members to finance development projects in the region.
To promote sustainable growth and reduce poverty in the Asia-Pacific region, "ADB will continue to be an important financier of infrastructure," the bank's president, Takehiko Nakao, said in his closing statement.