Development bank opts for climate-change investment over 'white elephants’

The Asian Development Bank has signalled it will inject more cash into high-quality projects aimed at dealing with climate change and tourism and less on infrastructure "white elephants" as it battles pressure to counter the growing influence of China across the Pacific.

Asian Development Bank president Takehiko Nakao says not investing
 in white elephants is important for future infrastructure development.

Bank president Takehiko Nakao, on his first visit to Australia in three years, told The Sydney Morning Herald and The Age that it wants to ensure "high-quality" infrastructure is put in place that does not leave recipient nations facing long-term and growing debts.

Read the story from The Age by Shane Wright - “Development bank opts for climate-change investment over 'white elephants’.”