The Market Monitor Minding the Nation's Business
The Asian Development Bank (ADB) and the Department of Foreign Affairs (DFA) recently launched a photo exhibit to commemorate a 50-year partnership that started when ADB’s headquarters was established in Manila, and which has since played a critical role in the region’s development.’
The photo exhibit, which runs until December 6, showcases ADB’s operations in the Philippines and the rest of Asia and the Pacific. It was unveiled by Foreign Undersecretary Linglingay Lacanlale and ADB Vice President for Administration and Corporate Management Deborah Stokes.
“These photos capture the essence of our work serving the people of our developing member countries and building partnerships to understand and respond to their needs,” said Stokes. “Our deep and productive partnership with our host country the Philippines has been crucial to this work. We look forward to further enhancing these ties as we work hand-in-hand for the country’s future development,” he added.
Lacanlale said the exhibit showcases key milestones in the history of ADB’s critical contribution through the years. It is a fitting tribute to its remarkable role in driving socio-economic growth and development in the Philippines and the Asian region. She added that it underscores the long-standing relationship between the Philippines and the ADB.
Over the course of its partnership with the Philippines, ADB has provided $17 billion in public and private sector loans, technical assistance and grants. In its early years, the partnership focused on improving transport links and electricity access in Mindanao. It has since evolved to support enhanced education and health, better infrastructure, and poverty reduction. ADB has worked with the Philippines in times of crisis, providing loans during economic downturns, and has delivered crucial relief after natural disasters such as Typhoon Yolanda.
The exhibit venue, The DFA’s Tower on Roxas Boulevard, served as ADB’s headquarters from 1972 until 1990. The exhibit includes nearly 50 images focusing on the human impact of ADB operations across its member countries, including the Philippines.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.