APEC, the Asia Pacific Economic Cooperation is an organization dedicated to basically the economic growth in trade and cooperation of the nations on the pacific region the effort of this organization is to do away with trade tariffs and other stumbling blocks making trading in the region easy even to the low income communities and people. This organization was established in 1989 with its core goal being to promote the economic growth and sustainability of the prosperity in the region. This organization also tries to strengthen trade ties between the region and other areas through various ways such as collaborations.
ADB was one of the earliest partners of APEC. The bank has taken up many roles in helping the organization get its vision up and running. It is actually the secretariat to APEC Financial Training Initiative. There are 5 things to know about the partnership of APEC and ADB.
1. In line with all this Asian Development Bank, came in to help and try getting o some of these goals. The bank teamed up with APEC to try and help Asia and Pacific trade in a better and smooth way than before. This has been through the funding of various projects in different countries. The bank set up a funding program for the projects that would need funding called the ADB’s Trade Finance Program. This program put some looks at trading in the region but put more emphasis on small businesses.
Some of the projects funded by ADB are such as the funding towards the Pakistan energy shortage where by the ADB gave 810 million dollars to help alleviate this problem. Apart from that, there are others such as the bank supporting about 130 thousand small business entrepreneurs in their business in the rural areas of Beijing. The bank gave 50 million dollars for this project. This are just few of the projects the bank has taken up in accordance with the APEC goals and visions.
2. The ADB has also had some fairs to bring people looking for business opportunities together. This place has been one that has offered an excellent platform for networking with both peers and people who have succeeded in the business one would want to be in. In many cases these are specialists from ADB. ADB offers good opportunities for these people to interact with these specialists and get good opportunities from the bank.
3. ADB and APEC have worked together to help in the fight against money laundering and funding of terrorist attacks in world. With the reality in the world that this is an actual threat to the economy and prosperity of this region there has been a program set up to ensure the security of this region. There has been enhancement of port security to curtail terrorist activities.
4. In Philippines, the ADB has worked with investors to identify models of good business by identifying some of the successful business in the country. This is one way to help motivate investors and improve the economy of the country.
5. The ADB and APEC advisor council work together to promote financial status of both Asia and Pacific regions increasing financial services for those of low income through lending of loans, insurances and many more other ways