ADB Ranks Highly in New Development Finance Institutions Transparency Index – EQ Mag
MANILA, PHILIPPINES : The Asian Development Bank (ADB) has been rated the most transparent development finance institution (DFI) for sovereign operations and in the top three for private sector operations in a newly launched DFI Transparency Index published by British nongovernment organization Publish What You Fund.
“Transparency and accountability are at the heart of ADB’s mission to help its developing member countries in Asia and the Pacific to address their most pressing development challenges,” said Director General of ADB’s Strategy, Policy, and Partnerships Department Tomoyuki Kimura. “We are proud that this commitment to transparency has been recognized and will study this report closely to identify how we can provide even more effective and efficient support to our region.”
ADB’s sovereign operations, which provide assistance to the public sector in ADB’s developing member countries, ranked first on transparency out of nine DFIs. ADB’s nonsovereign operations, which support private sector investments with significant development impact, ranked third out of 21 DFIs.
The DFI Transparency Index aims to provide an independent assessment of the transparency of 30 leading DFIs. DFIs were assessed across 47 indicators in five categories, including core information; and environmental, social, and governance and accountability to communities. Publish What You Fund also publishes the Aid Transparency Index (ATI).
The DFI Transparency Index’s recommendations include that DFIs provide more information on the impact of their assistance, improve transparency around assurance of disclosure to project-affected people, and ensure adequate internal resources for efforts to improve transparency.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.