Among the topics to be discussed at the meeting to be held May 3-6 at the Institucion Ferial de Madrid will be the economic outlook for the Asia-Pacific region amid the global financial turmoil and soaring food and oil prices, as well as climate change and the fight against poverty.

Despite the success of some countries’ economies in recent years, the Asia-Pacific region is still home to two-thirds of the world’s poor with 1.5 billion people three times the population of Europe living on less than $ 2 a day.

ADB’s Annual Meeting provides an opportunity to discuss ways to combat that poverty and ensure sustainable economic growth.

Among those attending are finance ministers and central bank governors. The meeting is held every year in a different one of ADB’s 67-member countries. This is the first time it has been held in Europe since 1998 in Geneva.

Having the Annual Meeting in Madrid allows Asian leaders to learn lessons on regional cooperation and integration from the European Union. Spain is an important development partner in the Asia-Pacific region. It joined ADB 21 years ago and has contributed significantly to several special development funds, including on climate change.

ADB’s highest policymaking body, the Board of Governors, which comprises one representative from each member country, uses the Annual Meeting to provide guidance on ADB administrative, financial and operational directions. One of the topics it will be discussing this year will be Strategy 2020, ADB’s new long-term strategic framework for 2008-2020, which will change the way the organization serves the region.