The Asian Development Bank (ADB) is reviewing the implementation of its private sector development strategy in an effort to increase operational effectiveness to meet its goal of an Asia and Pacific region free from poverty.

The review will assess how effectively the development strategy is being operationalized in individual developing member countries and assess related ADB internal operations, the ADB said Monday in a statement.

Likewise, the review will consider the relevance of the strategy in the dynamic context of global and regional development, the statement said.

During the review exercise, the ADB will seek comments from internal and external stakeholders on the preliminary findings of the review and to solicit comment on the priority actions that the ADB would need to take to strengthen private sector development effectiveness, it added.

A wide range of global experience is expected to contribute to the review, including that of other international development agencies. In-country missions are designated for Azerbaijan, Mongolia, Pakistan, Philippines, and Vietnam.

Much has changed externally and within the ADB since the strategy was endorsed in March 2000. Increased globalization and decentralization, the war on terror, and advances in technology continue to alter the competitive landscape for private firms and individuals.

In 2002, the ADB went through a major reorganization and a new president will assume office as current ADB President Tadao Chino is scheduled to resign on Jan. 31, 2005.

"We realize that we must adjust to global and local dynamics and examine what we have done well and where we can improve," says Graham Settle, ADB senior governance specialist and head of the review team.

External consultations have begun and the review report will be completed in mid 2005.

(Xinhua News Agency September 14, 2004)