OP ED | OPINION | Asean needs its own development bank
Countries are limited in their abilities to fund their development on their own, but they would benefit from a collective financing pool. ST ILLUSTRATION: MANNY FRANCISCO
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A collective funding pool will have a greater impact than countries trying to fund development projects individually.
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Throughout its 57-year existence, Asean has depended heavily on the largesse of others for financing many of its development needs. But now, it’s time for it to do more to fund itself, through its own bank.
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Since the 1960s, the World Bank, the Asian Development Bank (ADB), Japan, the European Union and, more recently, the Asian Infrastructure Investment Bank (AIIB) and China have poured resources into Asean economies.
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