A chief of the Asian Development Bank yesterday admitted that the bank had failed to generate the level of private sector financing needed to meet the Asia-Pacific's huge infrastructure needs.
Paul Dickie, a director of the bank's infrastructure, energy and financial sectors, said there was a 'large gap' between what the private sector was contributing and what was needed.
Mr Dickie, who was speaking at the fourth Asia-Pacific Economic Co-operation (Apec) Finance Ministers' Meeting, said member economies were expected to agree to policies designed to encourage greater participation.
These range from agreeing to aim for a sound macro-economic environment to providing stable and transparent legal and regulatory systems.
Member economies are expected to back-down from supporting an Apec-sponsored credit rating agency or clearing and settlement system.
They are also unlikely to set targets for the level of alternative funding they will require.
Apec finance ministers are expected to agree to a set of voluntary principles and joint programmes to encourage more private sector participation.
