ADB announces two new initiatives to support business in Asia
Baku, Azerbaijan, May 4
By Azad Hasanli – Trend:
The Asian Development Bank (ADB) has announced two new initiatives to improve and monitor the business environment for public-private partnerships (PPPs) in Asia and the Pacific, the ADB said in a message posted on its website May 4.
The first initiative announced today is the Infrastructure Referee Program (IRP), which is the first program of its kind in the PPP market. Under the program, ADB will provide independent third party advice through qualified consultants to help public and private parties resolve disagreements that may arise over the life of a PPP project.
“Disagreements between public and private parties over risk allocation can arise during tendering, negotiation, construction, or operation, potentially triggering protracted delays, increased costs, and failure to deliver critical services,” said Ryuichi Kaga, head of ADB’s Office of Public–Private Partnership (OPPP), at the 50th Annual Meeting of ADB's Board of Governors in Yokohama, Japan.
“ADB, through the IRP, will help resolve disagreements between public and private stakeholders and support successful delivery and implementation of PPP projects in Asia and the Pacific,” added Kaga.
The second initiative, the PPP Monitor, is a new ADB publication that tracks the development of the PPP business environment across ADB member countries and provides insight for the public sector on structuring a sound environment for PPPs.
“The PPP Monitor will provide country-specific information critical not only for sound policy formulation but also for the private sector to make informed business decisions,” noted Kaga.
The PPP Monitor’s first edition includes information on Bangladesh, China, Indonesia, Kazakhstan, Papua New Guinea, the Philippines, Thailand, and Vietnam. Future editions are expected to cover more countries and include a broader range of factors.
ADB, based in Manila, was established in 1966 and is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.