Asian Development Bank operations reach a record $31.5 billion in 2016
Asian Development Bank (ADB) operations for Asia and the Pacific reached all-time high of $31.5 billion in 2016, a 17% increase from $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 $17.5 billion, an increase of 9% from $16 billion in 2015.
Non-concessional loans from ADB's Ordinary Capital Resources (OCR) amounted to $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 $500 million counter-cyclical support to Azerbaijan.
Concessional loans and grants from the Asian Development Fund (ADF) reached $3.1 billion, with $2.6 billion going to loans and $518 million to grants.
Technical assistance increased by around 20% to $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 $12.5 billion in 2016 the highest ever. Co-financing also expanded, reaching $13.9 billion in 2016 from $10.7 billion in 2015.