KARACHI: Asian Development Bank’s (ADB) loans, grants, technical assistance and cofinancing for Asia and Pacific reached $28.9 billion in 2017.

“Approvals of loans and grants from ADB’s own resources reached a record $19.1 billion, representing a nine percent increase from the $17.5 billion seen in 2016,� ADB’s statement said on Friday. “This puts ADB well on its way to meet its $20 billion target by 2020.�

Of the total, nonsovereign (primarily private sector) operations accounted for $3.2 billion, a 26 percent increase from $2.5 billion in 2016. Technical assistance, meanwhile, increased around 22 percent to $205 million from $169 million in the previous year.

Commitments reached $20.1 billion, which is a significant increase from $13.3 billion in 2016, reflecting the signing of large projects approved in 2016 and 2017.

“The strong figures for ADB operations in the past year were supported by the successful merger of ADB’s concessional Asian Development Fund lending operations with the Ordinary Capital Resources balance sheet—which took effect at the start of 2017,� the ADB President Takehiko Nakao said in the statement. “This will allow us to deliver a much higher level of assistance to our developing member countries for years to come without seeking a capital increase.�

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Source:: The News International – Business

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