Baku. 28 April. REPORT.AZ/ The Asian Development Bank (ADB) approved 22.93 billion dollars in development assistance last year, according to ADB’s 2014 Annual Report, released ahead of its 48th Annual Meeting of the Board of Governors to be held 2–5 May in Baku, Azerbaijan.
The substantial lending volume includes 13.69 billion dollars from ADB’s ordinary capital resources and Special Funds, and a record 9.24 billion dollars from co-financing partners.
ADB also disbursed more than 10 billion dollars for the first time in 5 years. The improved performance reflected a 17% rise in disbursements from 2013.
The strong performance reflects the Asia and Pacific region’s continued need for development assistance, despite impressive growth and poverty reduction efforts in recent years. ADB estimates that the region requires more than 8 trillion dollars to meet its infrastructure needs from 2010 through to 2020.
The 2014 Annual Report captures ADB in a moment of transition, following a major review of Strategy 2020, its long-term strategic agenda, to make its operations and organization more efficient, effective and better equipped to respond to the evolving needs of developing member countries.
While infrastructure investment will remain the bank’s core operational focus, more resources will be channeled into areas where they are needed most: private sector development, climate change, disaster risk prevention, and social protection. Investments in education and health will also double.
Significant achievements in 2014 include:
Investments of 2.4 billion dollars in clean energy, the fourth year in a row that ADB has provided more than 2 billion dollars to the sector.
Mobilization of 3.2 billion dollars in funding to address climate change.
Approval of 25 private sector projects worth more than 1.9 billion dollars.
Investments of 3.4 billion dollars to support regional cooperation and integration.