Agence France Presse

Manila, February 9:

The Asian Development Bank needs to change and be more flexible if it is to satisfy the diverse needs of its members, according to its new president Haruhiko Kuroda.

While incredible progress has been made in the Asia-Pacific region over the past two decades, both the poor and relatively well off countries need to build their infrastructure, Kuroda said in an interview with AFP yesterday. “Some countries have almost completely transformed since the ADB was first established in 1966,” he said.

“Low income countries have grown into middle income countries and as a result their needs have changed. Poor countries still need fresh water, health, education and sanitation. But middle income countries require expanded physical infrastructure to support their economic growth.

“Some countries are still poor, some have emerged from conflicts and some are experiencing growth and becoming middle income countries. We have diversified member countries growing and developing and their needs vary enormously.