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by Manila Bulletin

The Asian Development Bank (ADB) has approved $21.72 billion in financing operations in 2011, up by 14.5% from 2010, according to its 2011 annual report.

“Poverty reduction remains the greatest challenge for developing Asia and the Pacific,” ADB President Haruhiko Kuroda said.

“Although significant progress has been made in reducing income poverty, large pockets of deprivation remain, and disparities within and across countries continue to grow.”

Nearly 1.8 billion Asians live on less than $2 a day. Low-income countries are struggling to sustain economic growth and reduce poverty, and a substantial proportion of the region’s poor today live in middle-income countries.
To make the process of economic expansion more conducive to reduc¬ing poverty, ADB focuses on three primary strategic agendas: inclusive growth, environmentally sustainable growth, and regional integration