Advanced economies’ idle savings can be diverted to Asia’

  1. Addressing the session of the 52nd Annual Meeting of the ADB,India’s Economic Affairs Secretary has said that funds from the advanced economies which are kept in pensions,insurance pools and in sovereign wealth funds could be diverted to developing countries in Asia where consumption is rising.
  2. For this,Asian Development Bank(ADB) could play a vital role in channelising the money to emerging markets.These funds would succeed in not only keeping global growth sustained high but can also make a significant impact on poverty and infrastructure services debt.
  3. Further,he also said that ADB can also help to develop private sector initiatives by investing more through equity and infrastructure trusts.He has also called upon the ADB to expand its social sector engagements in countries like India.
  4. The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966.ADB is headquartered in Manila, Philippines.It aims to promote social and economic development in Asia.
  5. ADB has 67 members,of which 48 are from within Asia and the Pacific and 19 outside.Japan and US holds the largest proportion of shares in ADB followed by China,India and Australia.ADB is also an official United Nations Observer

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