The Asian Development Bank has been a key development player in Asia and the Pacific region. Over the last 59 years, the Bank invested in many projects across the region, some which have cost people’s rights in the name of regional development. Today, Asia and the Pacific is still reeling from multiple and intersecting crises, and while it seems like the Bank addresses these so-called development gaps, communities continue to bear the brunt of the Bank’s lack of accountability and continuous reliance on private investments. Instead of progress, people remain in the crossroads of crises.
Amidst failure of multilateralism, which has brought development cooperation in peril, regional banks like the ADB continue to be an important channel of aid, in the hopes that development financing should rightfully be delivered to those that are in need. Yet, political interests have spun the course of development financing today. Backed by private capital that is now ruling the global economy, these profit-driven interests have bled throughout the development landscape, including the Bank.
This year’s Annual Meeting has been facing upheavals, from the restrictive civic space of its host country to the ongoing conflict in West Asia. The business-as-usual state of this year’s event reflects the current reality of the greater international financial architecture: that while people suffer from the crises brought upon by restrictive and profit-oriented policies, development financing is continued to be weaponized as a tool to reinforce the status quo.
The alarming faith of the Bank in mobilizing private finance and clinging to false climate solutions remains a threat to people’s genuine development. Transforming Asia and the Pacific region must be grounded in people’s assertion of their right to development, and this includes allowing them to lead on their own and defend their lands and culture.
Facing a highly militarized future, the region would benefit from dismantling the system, perpetuated and legitimized by international financial institutions like the ADB that empower the military industrial complex which drains Global South resources for military ambitions. Moreover, loans provided by the Bank entrap countries into debt servicing and veer them away from utilizing their resources to advance development for the people.
Reality of Aid – Asia Pacific stands together with its members, partners, and allies in calling the ADB to uphold people’s rights, national sovereignty, and communities’ interest above all. The network remains steadfast in pushing for an accountable, rights-based, and socially just development cooperation where people’s rights are at the forefront of the development landscape.
FIGHT FOR ACCOUNTABILITY! OPPOSE THE CORPORATE CAPTURE OF DEVELOPMENT! RESIST THE MILITARIZATION OF DEVELOPMENT! ADB, UPHOLD PEOPLE’S RIGHTS NOW!