ADB Through the Decades

The 5-volume publication, ADB through the Decades, provides a historical account of how ADB has evolved to respond to the dynamic changes across the Asia and Pacific region over the past 5 decades. This fifth volume from the series presents ADB's response to intensified development challenges, a more ambitious global development agenda, and the emergence of new sources of development finance. Asia proved resilient to the effects of the 2008-2009 global financial crisis, but sustaining rapid growth became more difficult afterward. Development challenges intensified, the global development agenda became more ambitious, and new sources of development finance emerged. This volume shows how ADB continued to reform to meet these challenges. A new long-term strategic framework, Strategy 2020, was launched in 2008, to respond to the changing needs of the region. A midterm review of Strategy 2020 was released in 2014, further refining and adjusting priorities in order for ADB to remain relevant and responsive to borrowers. Various organizational changes were introduced, internal business processes were improved, and several new instruments were adopted as part of ADB's efforts to become "stronger, better, faster." ADB's lending capacity expanded significantly, with the fifth general capital increase in 2009, followed by the unique and groundbreaking combination of the Asian Development Fund portfolio with the ordinary capital resources balance sheet approved in 2015.