ISLAMABAD: The Asian Development Bank (ADB) committed $20.5 billion from its own resources in FY 2022 to help Asia and the Pacific continue its recovery from the COVID-19 pandemic despite fresh economic headwinds and crises.
Financial and operational results were published in ADB’s annual report 2022, said a news release issued here on Monday.
The report summarizes how the Bank combined finance and knowledge and leveraged partnerships to help the region cope with economic shocks exacerbated by the Russian invasion of Ukraine, a worsening food crisis, and extreme weather events.
“Our support in 2022 helped our developing member countries (DMCs) navigate the immediate impacts of these crises while bolstering their longer-term resilience in critical areas such as climate change and food security,” said ADB President Masatsugu Asakawa.
The $20.5 billion comprised loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. ADB mobilized an additional $11.4 billion in co-financing.
ADB committed $6.7 billion in financing for climate mitigation and adaptation in 2022, making progress toward its ambition of providing $100 billion in cumulative climate financing during 2019–2030.
To address the region’s worsening food crisis, the ADB provided $3.7 billion under its $14 billion food security program, delivering essential food relief for people most in need and strengthening food production systems.
To support economic recovery, the ADB financed institutional reforms, strengthened public service delivery, and growth in key economic sectors.
The ADB’s $3.9 billion in commitments to the private sector included vital liquidity support
to enterprises facing a difficult business environment.
Meanwhile, the Bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors that contributed to building economy-wide resilience.
Promoting gender equality remained at the forefront of ADB’s work, with 97 percent of the Bank’s operations in 2022 contributing to this agenda.
These operations included initiatives to improve women’s access to quality jobs, foster women’s entrepreneurship and build women’s resilience to climate change.
The Annual Report 2022 provides details on how ADB is evolving to better meet the changing and complex needs of its DMCs.
These include measures to unlock greater resources to support the region’s development through an ongoing review of the bank’s capital adequacy framework, as well as structural and nonstructural organizational reforms guided by a new operating model.
“I am confident that these reforms will ensure ADB delivers greater impact in the region, including by scaling up climate financing, mobilizing more private sector investment, and providing a wider range of development solutions in response to client needs,” said the ADB President.
The ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty, he added.
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