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MANILA: The Asian Development Bank (ADB) has adopted several new policies to consolidate its operational thrusts in a bid to improve the quality of projects in its developing member countries.

Among them, according to the latest issue of the ADB Review, the policies on governance, inspection function and involuntary resettlement are particularly significant.

The policy on governance marks an important step toward the promotion of sound development management.

To make good governance operationally relevant, the bank will emphasize accountability, participation, predictability and transparency.

The inspection function establishes a formal grievance procedure for the benefit of any community, organization or group, which deems itself adversely affected by a public sector bank project.

Under the policy on involuntary resettlement, all projects approved by the bank after January 1, 1996, require an initial social assessment to identify affected population.

Involuntary resettlement should be avoided or minimized and, where feasible, be conceived and executed as part of the project.

Meanwhile, the bank also intends to make co-financing a mainstream activity to catalyze additional private capital for developing member countries.

The bank will assist co-financing in appraising and managing risks. The guarantine facility will be used to enable developing countries with limited access to capital markets to attract long-term debt financing.-XINHUA