NEW DELHI, INDIA - The Asian Development Bank (ADB) met the majority of its operational targets in 2012 and expanded its contribution to outcomes in its developing member countries, said an ADB performance review released today.
"The latest corporate assessment, which takes stock of ADB's progress since 2008, shows encouraging headway in a number of areas including improved design of projects and country partnership strategies, higher project success rates, and a substantial increase in cofinancing," said Rajat Nag, ADB's Managing Director General. "It reflects the success of this review process in promoting a results culture at ADB."
The Development Effectiveness Review 2012 ― ADB's sixth annual corporate performance report ― highlights steady improvements in ADB's operational and organization management since 2008. In addition to an increase in financing for core Strategy 2020 priority areas and increased knowledge sharing and partnerships, substantial progress was also made on increasing the number of staff assigned to operations, improving the staff engagement and gender balance, and empowering ADB's field offices.
However, the review found that project implementation delays hampered the delivery of some core sector outputs as well as outcome achievement in 2012. While the success rate of recently completed sovereign operations improved, the success rate of nonsovereign operations declined. Also, the ratio of disbursed to available funds fell below target for both sovereign and nonsovereign operations.
ADB is adopting a number of new measures to boost project success and outcome achievement. These actions include incorporating a target and time frame by 30 June 2013 for achieving project readiness for infrastructure operations, increasing staff skills in project implementation, improving procurement processes, and ensuring budget adequacy for project implementation.
To reinforce results focus in its operations, ADB approved in January 2013 a new results framework ― incorporating updated indicators and targets ― to assess its performance from 2013 to 2016. The framework will continue to drive better ADB performance so that ADB can contribute meaningfully to development in the region.
The review also noted that the Asia and Pacific region continued to make solid development progress in areas such as access to basic infrastructure and governance. Yet, at least one in five people still live in extreme poverty (less than $1.25 a day). The review underscored the need for all development partners to continue working together with a sharper focus on development results.