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Weak governance underlies Asia’s most pressing challenges of income inequality and environmental degradation that threaten the continuation of the region’s strong economic performance, finds a study by Independent Evaluation at the ADB.

Anticorruption work of ADB focused on prevention, oversight, investigation, and deterrence through strengthened due diligence, partnerships, awareness raising, and greater outreach in 2013, according to the Annual Report of the Office of Anticorruption and Integrity released today.

ADB toughened measures to battle fraud and corruption in 2012, as complaints reached a new annual high.

Some 225 allegations of corruption or integrity violations were submitted to ADB last year, leading to 34 individuals and 31 firms being debarred from doing business with the organization, a new report shows.

Greater accountability and better fiscal management are needed to achieve more inclusive growth in developing Asia-Pacific nations, ADB President Haruhiko Kuroda said today.

ADB stepped up its fight against corruption in 2010 with the introduction of new initiatives, including revised integrity guidelines and a cross debarment agreement signed with development partners, a new report says.

Strong governance and constant vigilance against corruption are essential if Asia and the Pacific is to deliver the benefits of its economic boom to all, ADB President Haruhiko Kuroda told a forum today.

Taking a major step in the global fight against fraud and corruption, leading Multilateral Development Banks today signed an agreement to cross debar firms and individuals found to have engaged in wrongdoing in MDB-financed development projects.

ADB has implemented improvements to internal rules protecting those who report integrity violations or misconduct in ADB or in ADB-related activities.

ADB is extending a $250 million loan to restore the Philippines to a long-term sustainable growth path through greater fiscal discipline and an improved investment climate.