Latest news with #Strategy2030
Canada Standard
6 days ago
- Business
- Canada Standard
ADB Breaks New Ground with Surging Private Sector Operations
MANILA, PHILIPPINES (27 May 2025) — The Asian Development Bank (ADB) committed a record 58 private sector transactions in 2024—up 45% from the previous year, with $2.6 billion of financing, according to its 2024 Private Sector Operations Report on Development Effectiveness . The total volume of commitments including programs, projects, and cofinancing reached an unprecedented $8 billion—underscoring ADB's growing role in driving private sector-led development and innovation across Asia and the Pacific. Long-term cofinancing with private partners reached $3.6 billion in 2024—$3.4 billion from project cofinancing, $0.2 billion from long-term cofinancing from the Microfinance Program, and $7.4 million from ADB Ventures. An additional $2.1 billion cofinancing was provided for the Office of Markets Development and Public–Private Partnership. This translates to $2.60 in cofinancing for every $1 of ADB financing. To further bolster its cofinancing, ADB partnered with the Government of Canada to create the Canadian Climate and Nature Fund for Private Sector in Asia—a trust fund to finance climate-focused private sector projects. 'These impressive results demonstrate how ADB's agile and innovative private sector approach is helping developing countries navigate an evolving policy environment and manage economic risks,' said ADB Vice-President for Market Solutions Bhargav Dasgupta. 'ADB will continue to sharpen its focus on removing barriers to private sector development and delivering innovative solutions that deepen markets and drive inclusive growth.' From projects committed in 2024, expected results will deliver 8,694 gigawatt-hours of power; 164,475 people trained and 1 million micro, small, and medium-sized businesses supported; 564,525 tons of agricultural products produced; water provided to 10,000 households; and 10 million tons of carbon dioxide equivalent of greenhouse gas emissions reduced annually. ADB's active portfolio of private sector projects has delivered benefits to 44.3 million micro, small, and medium-sized enterprises—42.3 million owned or led by women—and about 8.7 million farmers. Current operations have created jobs for 826,784 workers—145,629 of them female. On energy, the portfolio has delivered 70,028 gigawatt-hours a year and reduced up to 23.5 million tons of carbon dioxide equivalent of greenhouse gas emissions annually. During the midterm review of its corporate strategy, Strategy 2030, ADB reaffirmed the importance of expanding private sector engagement. In 2024, private sector operations accounted for 30% of ADB overall operations—continuing a positive trajectory. Investments spanned a wide range of sectors, including agribusiness, finance, energy, transport, industry, water and other urban services, health and education, and information and communication technology. ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.
Yahoo
26-05-2025
- Politics
- Yahoo
German wine region already excited, bracing for potential Trump trip
Germany is already preparing for a potential US presidential visit, even though it hasn't yet been scheduled, with officials dusting off recipes and considering conversational topics. After all, Chancellor Friedrich Merz has already sent out an the invitation, saying he will travel to the idyllic Palatinate region to host US President Donald Trump - an area known for its wines. Trump is unlikely to be impressed by the region's fine Rieslings, as it is well known that the US president is a teetotaler, preferring to consume numerous Diet Cokes during the day. But Merz might like a glass of the well known local wine and the prospect of bringing Trump to the place where his ancestors came from might draw the Republican to accept. "I have invited him to come to Germany and visit us in his hometown of Bad Dürkheim," Merz said. The chancellor would travel there with him for a visit of great symbolic significance, for Germany, for trans-Atlantic relations as well as for the personal relationship between the two politicians. The invitation, amid global tensions, is friendly, but not without calculation. Merz knows the Palatinate from his military service, Trump knows it – if at all – only from stories. His paternal grandparents came from Kallstadt in the district of Bad Dürkheim before they emigrated at the end of the 19th century. Meanwhile in the area itself, known as the Wine Route, locals are fairly relaxed about the possible visit by such a celebrity. Kallstadt's mayor, Thomas Jaworek, is matter of fact about the possible visit. "I know nothing about any current plans," he says. Sure, a trip is conceivable but - ever practical - he notes that the former Trump houses on Freinsheimer Straße are now privately owned. "If we go there, the owners would be the first people we ask," says Jaworek. He would show the US president the "pretty wine-growing village" and take him to the church where Trump's grandparents were baptized. "I don't know if that means anything to him," says Jaworek. Visually, Kallstadt is appealing, with picturesque garden restaurants and half-timbered hotels. "We've already planted the flowers and spruced everything up for all the guests in the summer." If it comes to a chat, the mayor would like to talk to Trump about sustainability – especially since Kallstadt, with its Strategy 2030, is a model community in the Palatinate Forest Biosphere Reserve. "Among other things, a new rainwater retention basin: these are issues that are of concrete concern to us locally." There is a world of difference between gestures and realities on the ground. The political dimension of such a visit is difficult to grasp, says David Sirakov, a political scientist. He sees potential for symbolic politics, saying any visit could have an impact "if the personal relationship between the chancellor and the president develops." But Sirakov, director of the Atlantic Academy Rhineland-Palatinate, notes that with Trump in particular, it's questionable whether "soft factors" such as places of origin or family history have any political relevance. "He appreciates clear statements and media-effective appearances," says Sirakov. Flower beds and village churches - not so much. US foreign policy under Trump is characterized by transactional thinking, says Sirakov, with less about a community of values, and more weighing up of interests. Germany must anticipate this – without currying favour. It is a balancing act: there should be no German appeasement policy, but European realism, he says, firmly. Merz's invitation, including a regional aspect, recalls former chancellor Helmut Kohl's "saumagen diplomacy." Saumagen is a pig's stomach that's been stuffed with pork, vegetables, herbs and spices and was Kohl's favourite meal. He invited state guests to his traditional dish in his native Palatinate to negotiate world politics in a pub. This time, the region is sorely worried about the tariffs threatened by Trump, which would be a severe test for the Rhineland-Palatinate economy. Meanwhile a partial withdrawal of US soldiers from the Ramstein air base – according to plans not implemented in 2020 – is also worrying to locals. Ramstein, also in the state, serves as the headquarters for the United States Air Forces in Europe – Air Forces Africa (USAFE-AFAFRICA) and NATO Allied Air Command (AIRCOM). It plays a key role in supporting military operations, particularly those deploying to Eastern Europe and Africa. Losing it would have serious consequences for the region. "The economic power of the US military presence can be estimated at more than $2 billion per fiscal year," says Ralf Hechler, mayor of the municipality of Ramstein near the base - including wages, rents and contracts for local companies. "If Trump lands in Ramstein, I would of course be happy to meet him," says Hechler. He has met Merz personally, he says. "And he knows Ramstein because he also served in the German Armed Forces in Kusel and Zweibrücken." A meeting with a mayor is probably not a priority for Trump. "But it would be important to improve German-American relations," says Hechler. Sure he says, you have to put up with a few things in long-standing friendships. "But you also have to nurture and cultivate them from time to time." The Rhineland-Palatinate state government notes that Kallstadt is home to the ancestors of both the Trump family and the Heinz family, known worldwide for Heinz Ketchup. They fled the bitter poverty of the Palatinate to the US in search of a better life and both families founded very successful companies. "This shows that successful integration can make an immigration country strong." Meanwhile state premier Alexander Schweitzer would take Trump to see Hambach Castle, the cradle of democracy. "He is also happy to offer his services as a Palatinate German/English translator." Plenty of US presidents have come to the state of Rhineland-Palatinate, from Ronald Reagan in Bitburg to George Bush senior in Mainz, to Bill Clinton in Ingelheim and Barack Obama in Landstuhl. Trump himself made refuelling stops in Ramstein in 2018 and 2019. Now, though, he could stop and visit a new US hospital being built not far from the air base. It is due for completion in 2027 - perhaps in the presence of Trump with Merz at his side - by then, surely at the latest.
Yahoo
06-05-2025
- Business
- Yahoo
DHL acquires US e-commerce logistics business IDS Fulfillment
The supply chain unit of German parcel and logistics giant DHL has acquired IDS Fulfillment to bolster its e-commerce service offerings to small and midsize customers in the United States, the company announced on Tuesday. The deal brings more than 1.3 million square feet of public warehouse and distribution space under the DHL umbrella, including facilities in Indianapolis, Salt Lake City, Atlanta and Plainfield, Indiana, where IDS is headquartered. DHL Supply Chain also gains a diverse customer portfolio, including small-and-medium enterprises, and fulfillment expertise. DHL said it will retain IDS' local managers to ensure service continuity for customers. Terms of the sale were not disclosed. 'E-Commerce has been a growth driver for DHL in recent years and is an important focus in our Strategy 2030 agenda,' said Patrick Kelleher, CEO of DHL Supply Chain North America, in a news release. 'The acquisition of IDS Fulfillment not only expands our operational footprint but also ensures small and midsized companies have access to our state-of-the-art logistics solutions designed for their specific requirements.' IDS represents the second e-commerce acquisition for DHL Supply Chain this year. In January, it acquired North Carolina-based Inmar Supply Chain Solutions, the largest reverse logistics provider for e-commerce retailers in North America. This marks the second e-commerce acquisition for DHL Supply Chain in 2025, having acquired Inmar's reverse logistics business in January, making it the largest returns processing provider in North America. 'With global e-commerce set to grow at a compound annual growth rate of 8% per annum by 2029, DHL is targeting investments that further expand our capabilities to meet the needs of this growing segment and make our network and solutions easily accessible to businesses of all sizes. IDS Fulfillment complements our existing DHL fulfillment network, enhancing our ability to offer seamless global eCommerce solutions with local expertise and reach,' said Oscar de Bok, Global CEO for DHL Supply Chain. The move is especially timely, he added, as more multinational companies are looking to establish fulfillment capabilities in North America. The U.S. government on Friday canceled the de minimis provision for low-value shipments entering the country from China and Hong Kong, forcing e-commerce sellers to pay 145% tariffs on individual orders that previously were allowed to enter the country duty-free. Chinese marketplaces like Temu, Shein and Alibaba, as well as other retailers, are setting up distribution operations in the U.S. with inventory sourced domestically or shipped in bulk by ocean to mitigate the impact of duties and other import fees.
Express Tribune
05-05-2025
- Business
- Express Tribune
Pak seeks stronger ADB support
Pakistan andtr India laid out contrasting yet complementary visions at the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, on Monday, with India focusing on digital transformation and long-term development, and Pakistan calling for stronger support to sustain its economic recovery amid structural reforms. Contrary to claims made by some Indian media outlets that the Indian Finance Minister, Nirmala Sitharaman, called on the ADB to stop lending to Pakistan, India emphasised its roadmap to becoming a developed nation by 2047, under the "Vikasit Bharat" mission led by Prime Minister Narendra Modi. The Indian delegation lauded the ADB president's client-centric, agile approach and welcomed the bank's capital adequacy reforms and new targets under ADB's Strategy 2030. Notably, India highlighted its progress in bridging the digital divide through initiatives like Digital India, which their finance minister said reshaped education, healthcare, governance, and financial services. "It's an old adage that time is money. It holds relevance even today. Process reforms for reduction in processing time, both for sovereign and non-sovereign operations, shall benefit the developing member countries significantly," suggested Indian Finance Minister, Nirmala Sitharaman. Meanwhile, Pakistan, whose Federal Minister of Economic Affairs Ahad Cheema was absent, underscored the need for greater aid effectiveness and a merit-based, transparent approach to development financing. The country warned that despite a macroeconomic turnaround driven by International Monetary Fund (IMF), World Bank and ADB-backed reforms, it remains vulnerable to debt burdens, climate shocks, and limited fiscal space. "Fragile economies continue to grapple with daunting levels of debt servicing, shrinking trade possibilities, costly climate events and persistent poverty levels. Pakistan is no exception to these challenges," said Dr Kazim Niaz, Secretary for the Ministry of Economic Affairs and Pakistan's temporary-Governor for ADB. "Resource availability is shrinking due to competing priorities. We strongly advocate renewed focus on synergies and institutional integrity in aid delivery," he said. Acknowledging ADB as a trusted partner, Pakistan urged the bank to increase both financial and technical assistance, especially in finalising a long-term Country Partnership Framework tailored to national and sub-national development needs. Pakistan also pushed for greater private sector engagement and policy-based lending, alongside structured collaboration among multilateral partners like the World Bank. Voicing a similar call from many other countries including the United States and United Kingdom, Niaz said, "We expect ADB to step up its efforts to promote private sector activities and enhancing the footprint of private sector operations." US-China standoff Tensions also flared as the United States and China exchanged pointed remarks over the institution's priorities and lending policies. The US representative, in a sharp address, welcomed the ADB President Masato Kanda but warned that the bank was straying from its core mission. The US urged the ADB to refocus on poverty reduction and private sector-led, job-rich growth, and to stop what it termed "coercive and opaque lending" practices by other creditors. Calling for greater efficiency, the US demanded a firmer implementation of the bank's graduation policy, explicitly naming the People's Republic of China. "Concrete steps must be taken to put China on a clear path to graduation," the US governor declared, arguing that higher-income countries with access to global financing no longer require ADB loans. This mimics a call made just weeks ago by the US Treasury Secretary Scott Bessent, who had also urged the ADB president to take concrete steps towards ending loans to China and financing civilian nuclear energy. In a strong rebuttal, China's representative slammed the US position, calling it "unacceptable" and contrary to ADB rules. China insisted that it remains the world's largest developing country and has not met the criteria for graduation under ADB's own assessments. "China is not just a borrower but also a major contributor," the Chinese official said, highlighting the country's 30% share in recent global growth. Beijing urged the ADB to uphold multilateralism, resist politicisation, and continue financing climate goals and technological innovation. ADB appoints new chair Member countries' governors approved a sweeping set of recommendations, including key financial reports, budget updates, and the 2027 annual meeting schedule. Uzbekistan was elected Chair of the Board of Governors for 202526, with Norway and Thailand named Vice-Chairs. Newly appointed ADB President Masato Kanda delivered his first annual address, warning of mounting challenges across Asiaincluding geopolitical tensions, debt burdens, and economic uncertaintythreatening hard-won development gains. He reaffirmed ADB's commitment to support vulnerable member countries with expanded financing, crisis-response tools, and policy coordination. Kanda announced that recent capital management reforms have boosted the ADB's lending capacity by $100 billion over the next decade, allowing a 50% scale-up in operations.
Time of India
05-05-2025
- Business
- Time of India
FM Nirmala Sitharaman for reforms at ADB for quicker loans to developing economies
India on Monday called for process reforms at the Asian Development Bank (ADB) to reduce the time taken to approve both sovereign and non-sovereign lending and sought expeditious action on its capital expansion to ensure adequate support to developing economies . #Pahalgam Terrorist Attack Pakistan's economy has much more to lose than India's due to the ongoing tensions, warns Moody's Ratings The day Pakistan got the power to poke India FM Sitharaman meets ADB chief and Italian FM, discusses economic issues; no mention of Pakistan "It's an old adage that time is money. It holds relevance still. Process reforms for reduction in processing time, both for sovereign and non-sovereign operations, shall benefit the DMCs (developing member countries) significantly," Union finance minister Nirmala Sitharaman said in a statement at the annual meeting of the board of governors of the ADB in Milan. She said that ADB must continue to adopt a country-led and differentiated approach to ensure its priorities and support are aligned with the development priorities of developing countries. GIF89a����!�,D; 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Victoria Principal Is Almost 75, See Her Now Reportingly Undo "We look forward to expeditious action on capital expansion/management measures such as exposure exchange agreements, hybrid capital, callable capital, and the Innovative Finance Facility for Climate in Asia and the Pacific, to ensure that the exposure limits do not pose restrictions to borrowing programmes of DMCs," Sitharaman said. The FM lauded the gains with respect to renewed focus on a private sector shift and private capital mobilisation. Live Events She also offered to back the ADB on its digital transformation agenda. "We are happy to note that digital transformation is one of the five identified strategic priority areas under the Strategy 2030. We would be eager to support ADB in its digital transformation agenda," she said. Sitharaman met ADB president Masato Kanda, Italian finance minister Giancarlo Giorgetti, Japanese finance minister Katsunobu Kat and Bhutanese finance minister Lyonpo Namgay Dorji on the sidelines of 58th annual meeting. The finance ministry said there was no discussion "on issues related to Pakistan with the ADB President and the Italian Finance Minister" in Milan. During the meeting with the ADB president, Sitharaman emphasised that India offers opportunities for the multilateral lender to pilot new, innovative financing products and models, it said. Deepening bilateral cooperation and strengthening bilateral ties topped the agenda for the talks between the Italian finance minister and Sitharaman. "The meeting highlighted implementation of the Joint Strategic Action Plan 2025-2029 announced by Prime Minister Modi and Italian Prime Minister Giorgia Meloni in November 2024, which will add depth and momentum to our cooperation in priority domains," the finance ministry said. Earlier, speaking at the annual session, Kanda said the uncertainties facing Asia and the Pacific were also an opportunity to build a more resilient and sustainable future. "External shocks, debt burdens, and climate change weigh heavily on the people and economies of the region. But we are not starting from zero. Growth remains solid, trade and economic integration are deepening, supply chains are diversifying, and digital connectivity and innovation are accelerating," said Kanda, adding that it was a call to be bolder and to move faster. China China's governor to the ADB board Lan Fo'an flagged the increasing turbulence and chaos globally, saying unilateralism and protectionism were seriously undermining international rules and order and impacting the stability and recovery of the world economy. He also termed statements by members, such as the US, raising the issue of China's graduation to the developed country category untenable. "According to ADB's 2023 assessment, the PRC has not yet met all the criteria under the bank's graduation policy," he said. A country that graduates to an improved economy status ceases to receive concessional finance from multilateral institutions. (The reporter is in Milan at the invitation of the ADB)
