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To Fulfill its Mission, ADB Must Prioritize Sustainability

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Asia is rapidly evolving as are its development needs. To keep pace with these changing needs and to ensure that solutions multilateral development banks like the Asian Development Bank (ADB) bring are effective, thorough assessment of their operations is crucial. In its 2018 Annual Evaluation Review (AER), Independent Evaluation at ADB draws out an overall picture of ADB’s performance.

“Delivering results is critical to ADB’s existence. Evaluation is a central piece for ensuring that the solutions ADB brings to development problems are fit for purpose, and as effective as possible,” said Director General of Independent Evaluation at ADB Mr. Marvin Taylor-Dormond.

The AER identifies areas in which ADB has been successful, where it hasn’t, and what were the reasons behind this. A review of its overall performance reveals that over the past 3 years, there has been a marginal decline in the success rate of public sector projects. In 2015 to 2017, 74% of public sector projects were successful, down from 76% in 2014 to 2016. A sector-wise look shows that four sectors—education, health, public sector management, and transport—dropped in performance. These four sectors account for 58% of the portfolio that was evaluated.

If one looks at private sector-supported ADB projects, the decline is more apparent. About 58% of projects were categorized successful in 2015 to 2017, compared to 67% in 2014 to 2016. This fall can be attributed to the disappointing performance in financial intermediary and private equity funds, which account for half of the projects evaluated.

Performance at the country-level was steady at 75%, although it was still below ADB’s 80% target. AER notes that ADB achieved good results in its operations with middle-income countries. Also, when it came to promoting inclusive growth, middle-income countries were highly appreciative of ADB’s work. Other areas where ADB is doing well include environmentally sustainable growth, regional cooperation, and gender mainstreaming.

However, there are some areas where results can be improved. The Independent Evaluation Department (IED) assesses the relevance, effectiveness, efficiency, and sustainability of ADB projects and programs. One third of completed projects and programs were evaluated as less likely to be sustainable, well below the desired rate of four out of five.

“The sustainability problem is well illustrated by the inadequate financing for operations and maintenance of ADB-supported transport projects,” said IED Thematic and Country Division Director Mr. Walter Kolkma. “Other factors affecting the sustainability of ADB operations are often limited capacity of government agencies to run these projects and governance issues.”

For private sector operations, the AER recommends that to achieve better outcomes, ADB expand operations beyond infrastructure and help middle-income countries better adapt to new challenges. With specific reference to the use and leverage of guarantees, loans, and other credit enhancement tools, the AER calls for the mobilization of much-needed private sector finance for development, particularly to help close Asia’s huge infrastructure gap, estimated at $1.7 trillion a year.

“Impartial evaluation is crucial for accountability and learning. ADB must capitalize its learning and use these lessons to design better, smarter, and stronger future projects to stay relevant because in today’s world, developing member countries are not short of options of development financing,” noted Mr. Taylor-Dormond.

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Multilateralism: The only path to address the world’s troubles

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Secretary-General António Guterres (center) meets with Rohingya refugees in Cox’s Bazaar, Bangladesh. Photo: UNFPA Bangladesh/Allison Joyce

As the world’s problems grow, multilateralism represents to best path to meet the challenges that lie ahead, said United Nations Secretary-General António Guterres on Tuesday, launching his annual report.

The Report of the Secretary-General on the Work of the Organization  for 2018, also tracks the progress made over the last year in maintaining peace and security, protecting human rights, and promoting sustainable development.

“I started my tenure calling for 2017 to be a year of peace, yet peace remains elusive,” said the UN chief in the report’s introduction, noting that since January last year “conflicts have deepened, with grave violations of human rights and humanitarian law; inequality has risen, intolerance has spread, discrimination against women remains entrenched and the impacts of climate change continue to accelerate.”

“We need unity and courage in setting the world on track towards a better future,” stressed Mr. Guterres, crediting the Sustainable Development Goals (SDGs) for generating coordinated efforts by Member States and civil society to “alleviate poverty and build peaceful, prosperous and inclusive societies.”

Wide-ranging reform

The most comprehensive reform of the UN development system in decades already underway, led by Mr. Guterres and his deputy, Amina Mohammed, aims to strengthen the Organization’s capacity to support Member States in achieving the 17 SDGs.

While the report points to gains, such as increased labour productivity, access to electricity and strengthened internet governance, it also illustrates that progress has been uneven and too slow to meet the 2030 Agenda for Sustainable Development Goals within the given time frame.

For example, in 2015, three out of 10 people did not have access to safe drinking water, and  60 per cent lacked safe sanitation. Moreover conflicts, disasters and climate change are also adversely affecting populations.

The report underlines the importance of building stronger multilateral partnerships with Member States; regional and international organizations; and civil society; to “find solutions to global problems that no nation alone can resolve.”

Although the 2018 High-Level Political Forum on Sustainable Development of 2018 reflected some positive initiatives, it also showed the urgent need to step up efforts in areas such as energy cooperation, water and terrestrial ecosystems.

According to the report, “partnerships are key to achieving the SDGs” – and as of June, 3,834 partnerships had been registered with the Partnerships for the SDGs online platform from different sectors across all the 17 goals.

With regard to technology, last October a joint meeting of the Economic and Social Council (ECOSOC) and the Second Committee welcomed Sophia, the first robot to sit on a UN panel. This gave a glimpse into the advances being made in the realm of Artificial Intelligence.

Turning to young people, UN Youth Envoy, Jayathma Wickramanayake, of Sri Lanka, is continuously advocating for their needs and rights, including in decision-making processes at all levels, and in strengthening the UN system’s coordination on delivering for youth, and with their increased participation.

The UN report also spoke to the growing scale, complexity and impact of global migration. In July, the General Assembly agreed a Global Compact for Safe, Orderly and Regular Migration, which will be presented for adoption in December at an Intergovernmental Conference in Morocco.

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Youth Calls for Action to Build the Workforce of the Future

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Special Senior Advisor to the ADB President Mr. Ayumi Konishi (4th from right) on behalf of ADB signs the Incheon Youth Declaration on The Future of Work at the 6th Asian Youth Forum. Photo: ADB

Over 400 youth representatives from Asia and the Pacific launched the Incheon Youth Declaration on the Future of Work, which calls upon the international community to invest in more inclusive, large-scale, and market-relevant solutions for youth employment and entrepreneurship.

The declaration, launched during the 6th Asian Youth Forum (AYF6) and coinciding with the celebration of the International Youth Day on 12 August, reflects the shared vision, commitments, and calls to action of the youth to inform future policy strategies and project initiatives to promote decent work. AYF6, with the theme “Building the workforce of the future,” was organized by the Asian Development Bank (ADB), Incheon Metropolitan City, Incheon Tourism Organization, Plan International, and AIESEC.

“We at ADB commit to continue investing in youth through our operations, including through our work in education, and in many other sectors we are supporting. We appreciate that the declaration today covers various issues including partnerships, entrepreneurship, as well as environment,” said Special Senior Advisor to the ADB President Mr. Ayumi Konishi, who also emphasized that the declaration will help guide ADB in advancing efforts to invest in education and empowering youth as key development partners in the region.

“Incheon will further boost its efforts to support youth employment and startups through various policies, such as the establishment of youth policy organization, cluster for startup incubators, funds, and forum for startups,” said Vice Mayor of Incheon Metropolitan City Mr. Jong Sik Heo. Acting President of the Incheon Tourism Organization Mr. Yong Sik Lee also attended the event.

The declaration highlights several key issues affecting youth employment and the future of work and what several stakeholders including governments, private sector, civil society, multilateral institutions, academe, and the youth themselves can do to address them. These issues include ensuring decent work and inclusion; transitioning from education and training to work; fostering youth entrepreneurship; and preparing for jobs of the future.

Youth delegates from 20 developing member countries of ADB have expressed their commitment in carrying out the efforts outlined in the declaration. Ms. Priscilla Caluag, a delegate from the Philippines, shared that the Asian Youth Forum has given her and other young people from the region a unique opportunity to act in ways beyond their own personal interests but ultimately for the betterment of society.

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Are Real Estate CEOs missing out on the technology opportunity?

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In its 21st annual survey of CEOs from around the world PwC found that technology does not top the agenda for real estate CEOs either as a threat or an opportunity.

Only 17% of real estate CEOs cite cyber threats as a danger to their growth prospects, compared with 40% of all CEOs who took part in the survey.  While even fewer, only 10% of real estate CEOs, view the speed of technological change as a threat to their organisations compared with 38% of all CEOs.

Looking at opportunities only 20% of real estate CEOs said they clearly understood how robotics and artificial intelligence can improve customer services compared with 47% of all CEOs.

Real estate also appears to be a bit behind the curve when it comes to future talent with  just 43% of real estate CEOs rethinking their human resources function to attract digital talent compared with 60% of CEOs overall.

“For most of its history, the capital-intensive real estate industry has had good reason to be slow moving and conservative. But times are changing.  Technology, urbanisation and social changes are transforming how we live, work and play and therefore how we use real estate, meaning business leaders need to be bold and innovative if they will continue to succeed”, said Craig Hughes, global real estate leader, PwC.

“Our survey results suggest that real estate CEOs have some way to go if they are to meet digital disruption head on and reap the benefits.  In our view, this process should start through building a more diverse group of talent, including data scientists and behavioural experts, to work alongside their existing talent and build the real estate champions of tomorrow.”

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