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From the Secretariat
The COVID-19 pandemic has disrupted the world economy. Those who have limited access to financial services and face challenging circumstances are particularly vulnerable. Development financing institutions (DFI) play a significant role in looking after businesses and individuals who have been adversely affected by the pandemic to fast-track rebuilding and recovery efforts.
Like many organizations during this pandemic, the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) has been following and monitoring the evolving situation on the impact of COVID-19 on our members and their respective countries. As an association, our approach to meet the challenges brought about by this crisis was two-fold: (a) internally, to strengthen the capability of the Secretariat team and (b) externally, to sustain our interaction with our members and the community we are in during these trying times.
Here is an update on what your Secretariat has been doing to continuously provide support and guidance to DFI members to cope with the ‘new normal.’ Internally, the initiatives we have undertaken revolve around four P’s (4Ps), as follows:
- Pivot to digital. We have beefed up our operational and member communication capabilities. Operationally, we have accelerated using a cloud-based platform for membership engagement and events management. We took an inventory of our unique content with the intent of converting this into e-learning and certification programs. For member communication, we used various platforms for our virtual events (e-meetings, webinars, e-conferences), e-newsletters, emails, surveys and technical support efforts.
- Partner to hit the ground running. We quickly partnered with our members and other same-purposed organizations to deliver online training and knowledge-sharing programs. This gave us a fast track to offer virtual events to our members in a short time while we gain more experience and build our own capability.
- Pump-prime staff for up-skilling. We have provided our staff with the opportunity to add new skills alongside our move to digitalization. Our goal is to undertake staff training sessions on creativity, critical thinking, and cognitive flexibility – disciplines that require an open mind and passionate determination to succeed in this “new normal” environment.
- Plan for a turnaround. We have gone back to basics of thinking of our members first – maintaining relevance, harnessing relationships, and sustaining resources. Relevance is about sticking with our purpose, mission and unique value proposition. Relationship is building and nurturing engagement with our members. Resources (human and financial) are about pursuing new opportunities and generating revenues. As we say, we need to be “in the trenches” with our members during this crisis.
Externally, we have:
1. Surveyed our members on what they are doing/have done during the pandemic which we have
compiled in two special edition e-newsletters on COVID-19 and which were disseminated to
members and other stakeholders.
2. Organized/Partnered with our members and other networks (as of to date) at least 20
virtual events(webinars, e-forums, etc.) for members on various relevant issues and topics
revolving around COVID-19.
3. Provided voice and visibility to the association and our members in various international forums
regarding their work on COVID-19 response as well as on their contributions to the
achievement of the SDGs and the climate agenda.
4. Communicated and worked regularly with our regional counterpart DFI associations covering
Africa, Latin America and the Middle East under the World Federation of Development Finance
Institutions (WFDFI) on information exchange and best practice-sharing activities.
The crisis that the global economy is currently faced with will have a long-term impact on the way we handle our operations and our personal lives. E- commerce, digital banking, e-finance, remote working, and distance learning will see higher adoption moving forward. A contactless world will create pressure on certain industries and opportunities for others.
Despite the ‘de-globalized’ world that we now experience, we continue to hope, have faith, and find strength in our virtually-connected community.
We trust you are all keeping well and safe!
Your ADFIAP Secretariat
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