ADB exceeds 2016 target

THE Asian Development Bank’s annual operations exceeded the $30 billion mark for the first time in its 50-year history last year, according to its 2016 annual report released on Tuesday.
It attributed this to the regional demand for development finance and knowledge, especially on infrastructure which continues to grow.
ADB’s total lending last year, including co-financing, reached $31.70 billion – an 18 per cent increase from 2015. It includes $17.47 billion in approvals for loans and grants, $169 million for technical assistance, and $14.06 billion for co-financing, which increased by a record 31 per cent over 2015.
Disbursements, a key indicator to successful project implementation, also reached a new high of $12.26 billion last year.
The report says private sector operations reached $2.5 billion for only the second time in ADB’s history – reflecting ADB’s long-term strategy to boost support for private enterprise to create more quality jobs and increase living standards in Asia and the Pacific.
Apart from its own funds, ADB’s private sector operations also generated a record $5.84 billion in co-financing – a $1.2 billion increase from 2015 – which included $238 million in official co-financing to support non-sovereign operations.
“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.”
The 2016 report reviews the significant economic transformation in Asia and the Pacific over the past 50 years.
The report notes that while the region’s economic growth and success in reducing poverty have exceeded the most optimistic forecasts, there remain significant challenges to be addressed.