Homegrown reforms with the backing of the people have the best chance of lasting. But multilateral development banks can also promote positive change in their policy dialogues and loan formulations in countries. The Asian Development Bank's (ADB) just-released long-term strategy — Strategy 2030 — promises to be distinct in envisioning greater social inclusion and environmental sustainability in the bank's growing financial support for development projects and programs in Asia.
Strategy 2030 is pro-growth, as the bank's previous strategies have been. The difference is the case it makes for achieving better-quality growth that is inclusive and environmentally sustainable, and longer lasting. The ADB, by supporting the greater participation of lower income groups in operations, sees an opportunity to help reduce the region's rising inequality.
Similarly, by incorporating environmental sustainability and climate action in its business plan, the ADB — which has been working in the region for over half a century — is using its respected voice to urge governments to take better care of the environment. The tough challenge is to integrate these directions into the operational business cycle of designing, appraising, implementing and supervising projects, programs and policies.