Sign in Subscribe
Education

Doubling Down on Education: ADB's Ambitious Strategy to Empower Asia and the Pacific

Strategic Insights

— 1 min read

As the global community grapples with the devastating impacts of the COVID-19 pandemic, the Asian Development Bank (ADB) has recognized the critical need to invest in education as a vital strategy for human capital development, equitable economic growth, and resilient societies. ADB President Masatsugu Asakawa has announced an ambitious target to double the percentage of the bank's support for education to up to 10% of total annual commitments by 2024. This increased focus on education is a critical step towards reversing the reversals of hard-earned gains made by developing countries in the region.

Key Takeaways:

  • The Asian Development Bank (ADB) aims to double its financing for education by increasing the percentage of its support to education to up to 10% of its total annual commitments by 2024.
  • ADB has a partnership with the Global Partnership for Education (GPE) to provide cutting-edge knowledge and grant resources, enabling effective and innovative solutions to education challenges in the Asia and Pacific region.
  • The collaboration between ADB and GPE will provide clients with access to increased financing on more concessional terms, along with opportunities to invest in best-in-class education programs developed through joint ADB-GPE expertise.
  • The joint support of ADB and GPE will benefit 29 countries in Asia and the Pacific, including small island countries, eligible for their support.
  • Masatsugu Asakawa, President of ADB, believes that the continued collaboration between ADB and GPE will make a tangible difference in education for their beneficiaries.

Statistics:

  • ADB aims to increase its financing for education to up to 10% of its total annual commitments by 2024.
  • The collaboration between ADB and GPE will benefit 29 countries in Asia and the Pacific.
  • ADB and GPE joined forces to provide cutting-edge knowledge and grant resources.

Sources:

  • Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the Global Education Summit -- Financing the Global Partnership for Education (GPE) 2021--2025, 29 July 2021

Read more