ADB assistance hits $17.51 b in 2010, annual report says
The Asian Development Bank (ADB) approved $17.51 billion in financing
operations last year, according to ADB's 2010 Annual Report released
ahead of the 44th Annual Meeting to be held from 3 to 6 May in Ha Noi,
Viet Nam.
Of the total financing of $17.51 billion approved by ADB, $15.50
billion was for investment support, $1.68 billion was for policy-based
support, and $327 million was for technical assistance.
In addition, ADB's ongoing Trade Finance Program supported $2.77
billion in trade.
"As the region moves beyond economic recovery to sustained growth, it
must ensure that the evolving growth paradigm becomes more inclusive to
benefit as many people as possible," ADB President Haruhiko Kuroda said
in the report.
According to an ADB study, 14 out of 20 developing Asian economies
saw their Gini coefficient - a measure of inequality - increase in
recent years as economic growth accelerated.
The Asia and Pacific region remains home to millions of the absolute
poor.
The bank continued to assist its developing member countries in
addressing challenges and making progress toward the Millennium
Development Goals.
If the region's potential is to be fulfilled, it must rebalance
growth to reduce reliance on external markets, the report said.
Developing Asia must promote public-private partnerships to meet
infrastructure needs and to ensure development is inclusive and
environmentally sustainable.
ADB has introduced operational plans for specific sectors and
thematic areas. In 2010, ADB approved three operational plans for
climate change, sustainable transport, and education.
In 2010, ADB and its Special Funds provided $13.84 billion in
financing, of which $11.46 billion was for 118 loans, $243 million for 8
equity investments, $982 million for 40 grant projects, $982 million for
5 guarantees, and $176 million for 243 technical assistance projects.
Cofinancing partners provided $3.67 billion, bringing the total
approved financing to $17.51 billion. In 2010, ADB issued thematic bonds
for the first time, raising $638 million in Water Bonds and $244 million
through Clean Energy Bonds.
For its local currency bond, ADB launched its inaugural CNY 1.2
billion global renminbi bond in Hong Kong, China.
"The historic Millennium Declaration of 2000 promised a better life
for millions of poor in Asia and the Pacific.
How well this promise is fulfilled depends on our steadfast efforts,"
Mr. Kuroda said.
"ADB remains committed to working tirelessly with its developing
member countries and development partners to ensure greater progress in
the years ahead." |