The Asian Development Bank (ADB) reported on Monday that the development bank has reached financing for Asia and Pacific at $31.5 billion (P1.55 trillion) in 2016. This was 17 percent higher than the $26.9 billion (P1.33 trillion) in 2015.
Here are three fast facts on ADB reaching all-time high financing in 2016.
1. ADB President Takehiko Nakao said that the strong growth achieved in 2016 reflected its commitment to reducing poverty in the region.
“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,” Nakao said in a statement. He added that the bank will continue to strive to in providing financing, knowledge, and partnership with its member countries.
2. ADB said that there are still more needed to achieve sustainable and inclusive growth.
“ADB will continue to improve by becoming a stronger, better, and faster bank to help the region achieve its development objectives,” Nakao said. ADB said that it still has to achieve Sustainable Development Goals. The region also needs to counter challenges in climate change, increasing inequality, rapid urbanization, aging, and disaster risk management.
3. ADB said that its partnership with Asian Development Fund (ADF) and Ordinary Capital Resources (OCR) will also boost its financing operations.
ADB formalized such partnership beginning Jan. 1.
ADB’s approvals of loans and grants for sovereign and non-sovereign increased at 9 percent with $17.5 billion (P866.5 billion) in 2016 from $16.0 billion (P792.08 billion) in 2015. Total disbursements of ADB loans and grants also reached an all-time high of $12.5 billion (P688.81 billion) in 2016.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. It was established in 1966. After 50 years of collaboration with countries worldwide, it has formed membership of 67 states with 48 of these members are from Asia and Pacific.
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