ADB celebrates 50 years of development partnership with its member countries.
Asian Development Bank (ADB) operations for Asia and the Pacific reached all-time high of USD 31.5 billion in 2016, a 17 per cent increase from USD 26.9 billion in the previous year.
Approvals of ADB loans, grants, technical assistance, and co-financing have been growing steadily over the years as development needs in the region continue to rise, the Manila-based bank said in a statement.
“The increase in our development financing to Asia and the Pacific is reflective of our strong commitment to reducing poverty and improving people’s lives in the region,” ADB President Takehiko Nakao said.
Approvals of loans and grants for sovereign (government) and non-sovereign (primarily the private sector) operations by ADB itself reached a record USD 17.5 billion, an increase of 9 per cent from USD 16 billion in 2015.
Non-concessional loans from ADB’s Ordinary Capital Resources (OCR) amounted to USD 14.4 billion.
ADB’s operational highlights last year include the first privately-financed solar project in Cambodia, results-based lending for an elderly care project in China, the development of India’s first coastal industrial corridor, and the USD 500 million counter-cyclical support to Azerbaijan.
Concessional loans and grants from the Asian Development Fund (ADF) reached USD 3.1 billion, with USD 2.6 billion going to loans and USD 518 million to grants.
Technical assistance increased by around 20 per cent to USD 170 million.
As ADB celebrates 50 years of development partnership with its member countries, “we will strive to remain the region’s premiere development bank by providing financing, knowledge, and partnership,” Nakao added.
A statement by the bank said that for the period 2017-2020, a successful ADF replenishment, concluded in May 2016, will allow ADB to substantially increase support to the region’s poorest countries.
The replenished ADF will also enable ADB to provide grant resources for disaster risk management and regional health initiatives.
Total disbursements of ADB loans and grants reached USD 12.5 billion in 2016 — the highest ever. Co-financing also expanded, reaching USD 13.9 billion in 2016 from USD 10.7 billion in 2015.