Book Description

The Asia and Pacific region experienced continued growth. Intraregional trade and investment grew rapidly as Asian economies drew increasing strength from within the region. Interest was growing both within and outside Asia to understand and assess policy recipes for rapid and sustained "miracle growth." This volume presents the story of the third decade of the Asian Development Bank (ADB), which opened with recommendations from a panel of eminent development experts for a new role for the ADB in the 1990s. Donor expectations evolved and there was greater emphasis on effectiveness in the delivery of development assistance. In response, ADB also strengthened its internal procedures and gave greater attention to project quality. For the first time, in 1994, ADB's lending program ran up against the lending headroom and had to be frozen. ADB moved to a new headquarters to centralize its operations, which had spread to several locations over the years. New members joined from Central Asia and some existing but nonactive members renewed their regular links with ADB. Lending picked up considerably, with the People's Republic of China and India looking for more support while regional activities began to grow.