Asian Development Fund replenished by $5 billion

Donors and the Asian Development Bank (ADB) have agreed to a replenishment of $5 billion for ADB’s Asian Development Fund (ADF) 14 and Technical Assistance Special Fund (TASF) 8, ADB President Masatsugu Asakawa said at a press conference, according to Report's correspondent from Tbilisi.

The commitment was made during ADB’s 57th Annual Meeting.

The ADF is replenished every 4 years and ADF 14 marks the 13th replenishment since the fund’s establishment.

The ADF 14 replenishment is about 22% higher than the $4.1 billion available in ADF 13.

"Grants are more important than ever as our poorest and most vulnerable members seek to reverse recent development setbacks and take urgent action to combat the climate crisis," said Asakawa.

ADF 14 will continue to play a critical role in supporting climate change adaptation and disaster risk reduction.

More than $2.5 billion, or 51%, of the replenishment will be funded by contributions from donors including two new countries: Armenia and Georgia.