The Asian Development Bank (ADB) committed
US$23.6 billion from its own resources in 2023, including US$9.8 billion for
climate action, to help Asia and the Pacific progress on sustainable
development.
These figures are among the financial and operational results published today
in the ADB’s Annual Report 2023. The report summarizes how ADB supported its
Developing Member Countries (DMCs) to address the worsening climate crisis as
well as the impacts of conflicts, food insecurity, and increased debt
burdens, among other challenges, said a press release.
“ADB continued to step up as the climate bank for Asia and the Pacific,
reaching our highest-ever annual financing for climate action,” said ADB
President Masatsugu Asakawa.
“Our investments in adaptation and mitigation had a strong focus on climate-
resilient agriculture, renewable energy, and low-carbon transport,” Asakawa
added.
The $23.6 billion comprised loans, grants, equity investments, guarantees,
and technical assistance provided to g
overnments and the private sector.
Supplementing its own resources, ADB mobilized an additional $16.4 billion in
co-financing through its strong partnerships.
ADB invested heavily in building high-quality energy, transport, and other
infrastructure essential for sustainable development. It further strengthened
the region’s human capital through increased support for education and
health.
Addressing gender inequality continued to be a cornerstone of the bank’s
work, with almost all its 2023 operations contributing to reduce remaining
imbalances, including support to mitigate the disproportionate gender impacts
of climate change.
The report explains how ADB is evolving so it can help accelerate the
region’s progress toward the Sustainable Development Goals (SDGs).
Major capital management reforms introduced in 2023 will bolster the bank’s
future lending operations by unlocking up to $100 billion in new lending
capacity over the next decade. ADB also began rolling out its new operating
model in 2
023, a generational transformation to improve the way the bank
serves its clients.
“Our new operating model has enabled ADB to make the key shifts needed to
deliver better, faster, and more tailored support to our DMCs,” said Asakawa.
ADB is committed to achieving a prosperous, inclusive, resilient, and
sustainable Asia and the Pacific while sustaining its efforts to eradicate
extreme poverty. Established in 1966, it is owned by 68 members–49 from the
region.
Source: Bangladesh Sangbad Sangstha