YOKOHAMA\u2014The Philippines urged the Asian Development Bank (ADB) to increase cooperation with the China-led Asian Infrastructure Investment Bank (AIIB) after the ADB said Asia needed $1.7 trillion in infrastructure investments every year.<\/b>
\nYOKOHAMA\u2014The Philippines urged the Asian Development Bank (ADB) to increase cooperation with the China-led Asian Infrastructure Investment Bank (AIIB) after the ADB said Asia needed $1.7 trillion in infrastructure investments every year.
\u201cThe world seems a lot more hostile to our progress today. In the West, economic nationalism and hostility to globalization appear to be on the rise, \u201d Finance Secretary Carlos Dominguez III said.
\u201cThe member-economies of the ADB will be harmed by this emergent trend. We must prepare our economies to meet the challenge, \u201d he said, noting that Manila will host the bank\u2019s annual meeting next year.
\u201cIn Manila next year, we will expect the bank to begin the process of reinvention. The world has changed; the bank must realign its programs to meet new realities, \u201d Dominguez said at the launch of ADB\u2019s Metro Manila meeting next year.
Dominguez noted the bigger role of the Asia-Pacific region in global growth and stressed the need to ensure its sustainability.
Dominguez made the appeal after ADB president Takehiko Nakao said on Saturday that the region would need $1.7 trillion in infrastructure investments every year.
Nakao had said the ADB was open to co-financing with the AIIB and was already cooperating on at least three projects.
\u201cThe economic balance of power has shifted. Asia is now expected to lead global growth. We cannot simply be content to track the development experience of the West. We have to rethink our strategies for growth, \u201d Dominguez said.
Dominguez said next year\u2019s ADB meeting \u201cwill be an opportunity for us to showcase our achievements.\u201d<\/p>\n

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