The Asian Development Bank’s leaders say spending should concentrate on high-quality projects to promote development that make technology available to all as the region stretches to make up for a shortfall in needed investment. The bank is marking its 50th year at an annual meeting in the port city of Yokohama.
Opening the meeting of the bank’s board of governors on Saturday, Finance Minister Taro Aso said Japan, the biggest donor to the ADB, ws contributing $40 million to a fund promote use of high technology. The bank is drafting a long-term strategy as U.S. ”America First” policy shift is raising questions over the strength of its commitment to such multilateral organizations.
The bank estimates more than $26 trillion is needed for ports, power, water and other infrastructure by 2030.