February 21, 2024

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ADB to improve development outcomes with tech and knowledge

The Asian Development Bank (ADB) headquarters in Manila hosted the opening of the first ADB Knowledge Forum, according to a recent report.

More than 150 representatives coming from multilateral organisations, financial institutions, private sector, the academia, and think tanks gathered for the forum with the theme, “Learn. Collaborate. Apply”.

The event is part of the Bank’s efforts to make better use of the latest knowledge in order to improve development outcomes of developing member countries.

ADB President Mr Takehiko Nakao highlighted how the Bank will foster strategic thought leadership for the region, through combining knowledge on new and emerging needs, new technologies, and local expertise.

In the face of rapid advancing technologies including mobile and digital, robotics and artificial intelligence (AI), the Bank’s continued relevance will increasingly depend on its role as a knowledge institution.

Under the Strategy 2030, the Bank will incorporate these technologies into its work on infrastructure, education, health, financial inclusion, and governance.

Clients turn to them for high standards in project design and implementation as well as the transfer of technology and good practices.

More importantly, clients also turn to them for the sharing of knowledge, skills, and expertise accumulated over more than 50 years of working in partnership with countries.

The Bank is also increasingly shaping the regional development agenda, for example, in the theme chapter of its flagship annual economic publication, Asian Development Outlook 2018, “How Technology Affects Jobs”.

With it, the Bank provides policy recommendations for its developing member countries on how to leverage technology for an expanding job market.

This inaugural forum features two days of panel discussions and networking opportunities for experts and practitioners to discuss new insights into knowledge management and ways of thinking.

For instance, they looked into future thinking and foresight and nurturing a knowledge culture, in the context of emerging disruptive technologies and machine learning.

In relation to the aforementioned Strategy 2030, the Bank has approved the capital expenditure proposal for Stage 1 of Digital Agenda 2030.

As reported, the Digital Agenda provides the vision and roadmap for its digital transformation, which is critical for implementing Strategy 2030, the Bank’s new long-term corporate strategy.

The Digital Agenda will enable the digital transformation through the use of secure, modern information and technology systems and digital processes to enhance its effectiveness, efficiency, and resilience.

It is vital for the Bank to meet the high expectations of clients and stakeholders in delivering Strategy 2030 in an environment of accelerating changes in information and digital technologies.

The implementation of the Digital Agenda will be done in stages.

Stage 1 will include 16 projects at an estimated cost of US$ 118.3 million, which is scheduled from 2019 to 2023.

The projects will support the adoption of new technologies, improve the ability of staff to work remotely, enhance technology infrastructure and services in headquarters and field offices.

This will include cybersecurity and technology resiliency as well as develop capacity to harness emerging technologies to meet business needs.

Subsequent stages will further advance digital transformation, driving greater integration of IT systems and improvements in digital products and services.


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