ADB approves reforms to speed loan delivery

Manila, Philippines: The Asian Development Bank (ADB) has approved a package of reforms to improve and speed delivery of assistance to member countries and enhance operational efficiency, contributing to a core component of the Midterm Review (MTR) of Strategy 2020.

ADB President Takehiko Nakao said, "The reforms approved by the Board of Directors demonstrate ADB's commitment to be stronger, better and faster. The reforms will help reduce the time and resources to prepare and administer loans and technical assistance (TA). The overall gains in savings of procedural and staff time from these reforms will be significant."

With the enhanced operational efficiency, the ADB will be better positioned to capitalize on the expected increase in ADB's lending following the combination of the Asian Development Fund operations with the ordinary capital resources balance sheet in 2017. The merger will boost ADB's total annual lending and grant approvals to $20 billion - 50% more than the current level.

The new measures will simplify certain procurement processes by reducing red tape and delegating authority.