Business Desk :
Annual operations of Asian Development Bank (ADB) reached a record $32.2 billion in 2017, as the bank continues to meet Asia and the Pacific’s growing development needs, according to the Annual Report of the multilateral lending agency.
This was a 26 percent increase from the year before said the Asian Development Bank (ADB) Annual Report 2017, released on Tuesday, which provides a clear, comprehensive, and detailed record of ADB’s operations, activities, and financial results over the past year.
ADB’s total operations of $32.2 billion last year consisted of $20.1 billion in loans, grants, and investments from its own resources (up 51 percent from 2016) including non-sovereign operations of $2.3 billion (a 31 percent increase from 2016); $11.9 billion in co-financing from bilateral and multilateral agencies and other financing partners; and $201 million in technical assistance (a 11 percent increase from 2016).
These figures are based on ADB’s new performance measure of “commitments,” or the amount of loans, grants, and investments signed in a given year.
ADB introduced this measure in 2017 to promote project readiness at approval stage, expedite post-approval steps, and get closer to project disbursement, by placing more emphasis on when the projects are signed, rather than when they are approved by ADB’s Board of Directors.
“We began a new chapter in meeting development needs across Asia and the Pacific in 2017,” said ADB President Takehiko Nakao. “With the merger of the bank’s concessional Asian Development Fund lending operations with the ordinary capital resources balance sheet from the start of 2017, ADB has a solid capital base to support our operations going forward,” he said.
Nakao added, “We continue to combine finance with innovative solutions to respond better to the region’s diverse and specific challenges and needs, such as rapid urbanization, climate change, and growing demand for water and energy.”
ADB’s financing of climate mitigation and adaptation reached a record $4.5 billion in 2017, a 21 percent increase from the previous year. The bank is now in a good position to achieve its $6 billion annual climate financing target by 2020. ADB also mobilized an additional $606 million from external financing, bringing total climate financing to $5.2 billion last year.
The Annual Report emphasizes the importance of partnerships for ADB in scaling up project financing, and for sharing development knowledge and expertise.
Annual operations of Asian Development Bank (ADB) reached a record $32.2 billion in 2017, as the bank continues to meet Asia and the Pacific’s growing development needs, according to the Annual Report of the multilateral lending agency.
This was a 26 percent increase from the year before said the Asian Development Bank (ADB) Annual Report 2017, released on Tuesday, which provides a clear, comprehensive, and detailed record of ADB’s operations, activities, and financial results over the past year.
ADB’s total operations of $32.2 billion last year consisted of $20.1 billion in loans, grants, and investments from its own resources (up 51 percent from 2016) including non-sovereign operations of $2.3 billion (a 31 percent increase from 2016); $11.9 billion in co-financing from bilateral and multilateral agencies and other financing partners; and $201 million in technical assistance (a 11 percent increase from 2016).
These figures are based on ADB’s new performance measure of “commitments,” or the amount of loans, grants, and investments signed in a given year.
ADB introduced this measure in 2017 to promote project readiness at approval stage, expedite post-approval steps, and get closer to project disbursement, by placing more emphasis on when the projects are signed, rather than when they are approved by ADB’s Board of Directors.
“We began a new chapter in meeting development needs across Asia and the Pacific in 2017,” said ADB President Takehiko Nakao. “With the merger of the bank’s concessional Asian Development Fund lending operations with the ordinary capital resources balance sheet from the start of 2017, ADB has a solid capital base to support our operations going forward,” he said.
Nakao added, “We continue to combine finance with innovative solutions to respond better to the region’s diverse and specific challenges and needs, such as rapid urbanization, climate change, and growing demand for water and energy.”
ADB’s financing of climate mitigation and adaptation reached a record $4.5 billion in 2017, a 21 percent increase from the previous year. The bank is now in a good position to achieve its $6 billion annual climate financing target by 2020. ADB also mobilized an additional $606 million from external financing, bringing total climate financing to $5.2 billion last year.
The Annual Report emphasizes the importance of partnerships for ADB in scaling up project financing, and for sharing development knowledge and expertise.
