South Korea's finance minister called Thursday for the Asian Development Bank (ADB) to adopt more "flexible and creative" approaches to address the region's tasks, such as poverty and climate change.
The ADB has been at the forefront of supporting its members' recovery from the pandemic, while focusing on poverty reduction, climate response and other long-term issues, Finance Minister Choo Kyung-ho said.
"I want to take this opportunity to ask ADB to move away from traditional work practices of the past and adopt more flexible and creative approaches going forward," he said during a business session held during the 56th Annual Meeting of the Board of Governors of the ADB in Incheon, 27 kilometers west of Seoul.
Choo also reiterated South Korea's goal to increase its commitment to the Manila-based bank as well as other projects in the region.
"Korea plans to expand its ODA volume to the 10th largest in the world even under the fiscal stance for consolidation," Choo said. "We will continue to share our experience and knowledge on areas of our expertise such as digital transition, green, and health."
Earlier this week, the finance ministry agreed with the ADB to launch the ADB-Korea Climate Technology Hub, also referred to as "K-Hub," in Seoul next year, which will connect Asian countries as well as other regions to carry out projects aimed at tackling climate change.
Source: Yonhap News Agency