Kathmandu, February 15:

The Asian Development Bank (ADB) has been ranked second among 10 intergovernmental organisations in terms of accountability to the people the organisations affect.

The ‘2007 Global Accountability Report’, published by One World Trust, assesses the accountability of 30 of the world’s most influential organisations from the intergovernmental, corporate, and nongovernmental sectors. The report analyses organisations according to four dimensions of accountability defined by the Global Accountability Framework: transparency, participation, evaluation, and complaint and response mechanisms. One World Trust, a nongovernment organisation (NGO) based in the UK, initiated the annual accountability reports in 2006.

ADB is pleased to be included in this year’s Global Accountability Report and most encouraged by the high ranking it has received, said ADB vice-president C Lawrence Greenwood, Jr. The Report is a useful tool that can help ADB measure its effectiveness as a development institution in promoting transparency and other dimensions of accountability through its policies and its work.

However, while the report shows our efforts have been successful, we can’t become complacent, and we will continue to improve. For ADB to succeed in its work to fight poverty in the Asia and Pacific region, where two thirds of the world’s poor still live, we must be responsive and accountable to the public we serve.

One World Trust rated ADB as one of three top performers among all 30 assessed organisations, achieving high scores in all four dimensions of accountability, including 100 per cent in transparency, and 81 per cent in overall accountability. Under ADB’s Public Communications Policy, ADB is committed to making information proactively available and

responding to information requests in a timely manner so that stakeholders may learn about and contribute to ADB-supported development activities. The Report also highlighted ADB’s handbook on stakeholder engagement.

The Guide provides tools to make the consultation and other forms of participation more accessible and effective for staff and helps them fulfill obligations and strategic objectives to consult with civil society and other stakeholders, the Report stated.

One World Trust promotes education and research into the changes required within global organisations to eradicate poverty, injustice and war. It conducts research on practical ways to make global organisations more responsive to the people they affect.

Global bond

KATHMANDU: The ADB returned to the US dollar bond market yesterday with the pricing of a $1 billion three-year global benchmark bond issue, proceeds of which will be part of the bank’s ordinary capital resources and used in its non-concessional operations.

The bonds, with a coupon rate of three per cent per annum payable semiannually and a maturity date of 15 February 2011, were priced at 99.894 per cent to yield 51.75 basis points over the 3.25 per cent US Treasury note due December 2009.

The transaction was lead-managed by Daiwa, Morgan Stanley and RBC Capital Markets. A syndicate group was also formed consisting of BNP Paribas, Citigroup, Deutsche Bank, Dresdner, HSBC, JP Morgan, Merrill Lynch, Mitsubishi UFJ Securities, Nomura and UBS as co-lead managers, states a press release.

“We are very satisfied with the transaction and the robust demand from investors, which resulted in a book that exceeded $1.3 billion,” said ADB treasurer Mikio Kashiwagi. “The interest from central banks is the highest we have seen, reflecting the high quality of the order book.” ADB plans to raise around $8 billion in 2008. — HNS