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p. 37 of 95 BACK | NEXT Message from the Chairman of the Board of Directors Members, Capital Stock and Voting Power The Record Abbreviations 2004 in Review: Board of Directors' Report Special Theme: The Changing Face of the Microfinance Industry: Building Financial Systems for the Poor Part 1: Institutional Effectiveness Part 2: Poverty Reduction Strategic Priorities Pro-Poor, Sustainable Economic Growth Inclusive Social Development Governance for Effective Policies and Institutions Thematic Priorities Regional Perspectives East and Central Asia Mekong The Pacific South Asia Southeast Asia Part 3: Financial Statements: Management's Discussion and Analysis

Annual Report 2004 : Part 2: Poverty Reduction : Strategic Priorities

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Pro-Poor, Sustainable Economic Growth

In 2004 ADB continued to support sustainable, inclusive, propoor economic growth that fully integrates the environmental and social considerations of each of its DMCs. ADB also continued to work with its development partners to create conditions for growth, such as achieving and maintaining macroeconomic stability, improving fiscal management, aiding financial sector restructuring, and developing the institutional and regulatory frameworks for private sector development. ADB provided as much as $2.5 billion in assistance in 2004 through 17 projects supporting pro-poor, sustainable economic growth.

One of the main bottlenecks facing growth prospects in the region has been the lack of infrastructure. In fact, it is estimated that the infrastructure requirements of the region are approximately $250 billion per year. ADB places high priority on investing in physical and technological infrastructure and provided support in 2004 for projects in transport and communications and in energy.

The region's vibrant private sector is an important partner in efforts to expand its growth potential. Lessons from regional development indicate that those countries that encouraged private sector participation were successful in increasing economic growth. In 2004, private investment contributed strongly to growth in Hong Kong, China and Taipei,China in East Asia. A revival of private investment in Southeast Asian countries in 2004 played a role in strengthening long-term growth prospects. Private investment activities also played a critical role in supporting growth in other subregions. In support of private sector development, ADB assisted DMCs in 2004 in their efforts to develop their financial sectors, capital markets, and small and medium-sized enterprises (SMEs).

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