Jakarta: The Asian Development Bank (ADB) has endorsed its 2020–2024 country partnership strategy for Indonesia.
The strategy aims to apply the full range of financing support and solutions through ADB’s sovereign and private sector operations along with its technical know-how to catalyze investments, support sustainable development, and help Indonesia emerge stronger from the covid-19 pandemic.
Under the new 5-year strategy, ADB’s operations will support Indonesia’s inclusive economic development by focusing on people’s well-being, economic competitiveness, and the environment, while helping build resilience to climate and disaster risks. ADB will assist in Indonesia’s sustainable economic development, including the recovery from the pandemic, with a combination of knowledge, technical, and financial support. ADB will help the country strengthen health care, expand social protection, improve education quality, and develop job skills. ADB will also focus on helping Indonesia tackle climate change and strengthen its resilience to natural disasters and pandemics.
“The new country partnership strategy reflects ADB’s strong commitment to helping Indonesia boost human development, improve economic competitiveness, and address disaster risks and environmental sustainability amid heightened economic uncertainty and rising global threats such as climate change,” said ADB President Masatsugu Asakawa in a news release on Wednesday.
“The strategy provides a flexible and agile framework for ADB to help Indonesia incorporate green recovery and other sustainable development options, while strengthening domestic resource mobilization to support the recovery efforts," he added.
The strategy is in line with Indonesia’s National Medium-Term Development Plan (2020–2024) and the United Nations’ Sustainable Development Goals, as well as ADB’s corporate strategy, Strategy 2030.
“We greatly appreciate ADB’s strong support to Indonesia over the years, especially the speed of ADB’s response and its close and active engagement with the government during the covid-19 pandemic,” said Indonesian Finance Minister Sri Mulyani Indrawati.
“The partnership strategy positions ADB as a key partner with innovative solutions to complex development challenges. We welcome ADB’s focus on inclusive, competitive, and sustainable development," she stated.
Indonesia’s economy is the largest in Southeast Asia and the seventh-largest in the world based on purchasing power.
Under the strategy, ADB’s sovereign lending to Indonesia is expected to reach $10.7 billion from 2020–2023.