ADB assistance hits $ 17.51 b in 2010

Thursday, 21 April 2011 00:00 - - {{hitsCtrl.values.hits}}

Manila, Philippines: The Asian Development Bank (ADB) approved $ 17.51 billion in financing operations last year, according to ADB’s 2010 Annual Report released ahead of the 44th Annual Meeting to be held from 3 to 6 May in Ha Noi, Viet Nam.

Of the total financing of $17.51 billion approved by ADB, $ 15.50 billion was for investment support, $ 1.68 billion was for policy-based support, and $ 327 million was for technical assistance. In addition, ADB’s ongoing Trade Finance Program supported $ 2.77 billion in trade.

“As the region moves beyond economic recovery to sustained growth, it must ensure that the evolving growth paradigm becomes more inclusive to benefit as many people as possible,” ADB President Haruhiko Kuroda said in the report.

According to an ADB study, 14 out of 20 developing Asian economies saw their Gini coefficient — a measure of inequality — increase in recent years as economic growth accelerated. The Asia and Pacific region remains home to millions of the absolute poor.

The bank continued to assist its developing member countries in addressing challenges and making progress toward the Millennium Development Goals. If the region’s potential is to be fulfilled, it must rebalance growth to reduce reliance on external markets, the report said. Developing Asia must promote public-private partnerships to meet infrastructure needs and to ensure development is inclusive and environmentally sustainable.

ADB has introduced operational plans for specific sectors and thematic areas. In 2010, ADB approved three operational plans for climate change, sustainable transport, and education.

In 2010, ADB and its Special Funds provided $ 13.84 billion in financing, of which $ 11.46 billion was for 118 loans, $ 243 million for eight equity investments, $ 982 million for 40 grant projects, $ 982 million for five guarantees, and $ 176 million for 243 technical assistance projects. Co-financing partners provided $ 3.67 billion, bringing the total approved financing to $ 17.51 billion.

In 2010, ADB issued thematic bonds for the first time, raising $ 638 million in Water Bonds and $ 244 million through Clean Energy Bonds. For its local currency bond, ADB launched its inaugural CNY 1.2 billion global renminbi bond in Hong Kong, China.

“The historic Millennium Declaration of 2000 promised a better life for millions of poor in Asia and the Pacific. How well this promise is fulfilled depends on our steadfast efforts,” Kuroda said. “ADB remains committed to working tirelessly with its developing member countries and development partners to ensure greater progress in the years ahead.”

The complete Annual Report will be finalised upon approval of the financial statements (Vol. 2) by ADB’s Board of Governors at the bank’s Annual Meeting from 3-6 May.