KARACHI: Asian Development Bankâ€™s (ADB) loans, grants, technical assistance and cofinancing for Asia and Pacific reached $28.9 billion in 2017.
â€œApprovals of loans and grants from ADBâ€™s own resources reached a record $19.1 billion, representing a nine percent increase from the $17.5 billion seen in 2016,â€� ADBâ€™s statement said on Friday. â€œThis puts ADB well on its way to meet its $20 billion target by 2020.â€�
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.
â€œThe strong figures for ADB operations in the past year were supported by the successful merger of ADBâ€™s concessional Asian Development Fund lending operations with the Ordinary Capital Resources balance sheetâ€”which took effect at the start of 2017,â€� the ADB President Takehiko Nakao said in the statement. â€œThis 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.â€�
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Source:: The News International – Business