Total committed credits of the Asian Development Bank (ADB) exceeded 30 billion USD for the first time in its 50-year history last year as regional demand for development projects continues to grow, according to the bank’s 2016 annual report released on April 25.
The report showed that ADB’s total lending in 2016, including co-financing, reached 31.70 billion USD, an 18 percent increase from 2015.
The total included 17.47 billion USD in approvals for loans and grants, 169 million USD for technical assistance, and 14.06 billion USD for co-financing, which rose by a record 31 percent over the previous year.
Disbursement also reached a new high of 12.26 billion USD in 2016.
“The increase in our development financing to Asia and the Pacific reflects our strong commitment to improving the lives of the people in the region,” said ADB President Takehiko Nakao. “As ADB celebrates 50 years of providing development assistance, we will strive even harder to meet the changing needs of our developing member countries.”
ADB estimates that the Asia-Pacific region requires 1.7 trillion USD a year to meet its infrastructure financing needs as a lack of infrastructure continues to limit economic growth, inhibit poverty reduction, and restrict improvements to quality of life.
There are still 330 million people living in absolute poverty across the region.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members - 48 from the region.
VNA
