ADB's exposure to developing member countries reached US33.74 b in 2019
Asian Development Bank operations reach US$33.74 billion in 2019
MANILA – The region’s 54-year-old bank, the Asian Development Bank reported its projects, programs and other development support for its developing member countries in Asia and the Pacific reached US$33.74 billion in 2019.
In a statement released today, the ADB said the amount underscores the Bank’s commitment to its vision of a prosperous, inclusive, resilient and sustainable region.
In its Annual Report 2019, which was released today, provides a comprehensive account of the operational and financial results of ADB in 2019, the first full year of implementation of the bank’s long-term corporate strategy, Strategy 2030.
“I am encouraged by our efforts in 2019. I am heartened by what we have achieved so far in 2020,” said ADB President Masatsugu Asakawa. He added they will build on these achievements to ensure they will remain relevant and responsive to their members’ requirements as they act to combat and recover from the novel coronavirus disease (COVID-19) pandemic.
To appropriately respond to covid-19, on April 13, the Asian Development Bank approved a US$20 billion package to fund wide-ranging actions and programs to help its developing members address the impacts of the pandemic.
The new commitments in 2019 included US$21.64 billion in loans, grants, investments, and guarantees from ADB’s own resources to support the growth and development plans of its developing members. Disbursements in 2019, said to be a key indicator of successful project implementation, amounted to a record of US$16.47 billion, with a 16.1% increase from 2018.
It’s private sector operations in 2019 reached the US$3 billion mark for the second consecutive year, reflecting plans to expand private sector investments into new sectors and frontier markets.
Meanwhile, co-financing amounted to US$11.86 billion in 2019, with ADB’s private sector operations accounting for US$6.98 billion of total co-financing.
It is interesting to note that ADB climate financing reached a record high of US$6.55 billion in 2019. The Bank met its goal of doubling its annual climate change investments from US$3 billion in 2014 a year ahead of schedule. This highlighted ADB’s strong commitment to climate change action. Strategy 2030 sets a target for cumulative climate financing of US$35 billion by 2024 and US$80 billion by 2030.
ADB is also on track to meet its Strategy 2030 target of promoting gender equality in at least 75% of its operations.
ADB’s Annual Report is available, for a second year, in a digital format containing rich multimedia content, and its environmentally friendly, has this year shifted to being 100% online. It is available at www.adb.org/ar2019/digital.
The Asian Development Bank was established in 1966 and is owned by 68 members, 49 from the region. (Melo M. Acuña)
Asian Development Bank President Masatsugu Asakawa. (ADB Photo)