The Asian Development Bank annual meeting was held in Manila this year, hardly the showcase for what a 21st-century city should look like. The meeting also came against the sombre backdrop of rising concern about the impact of Europe’s deteriorating economic health on Asia, especially since European banks have been big players in regional infrastructure.

The ADB regularly publishes estimates for how much it will cost to build world-class infrastructure in the region. This year the number being tossed about was an impressive $8tn in the next 10 years, while India alone will need at least $1tn.

Infrastructure has become one of the biggest constraints to growth in many countries, among them India, Indonesia and Pakistan – not forgetting the Philippines of course.