Total committed credits of the Asian Development Bank (ADB) exceeded 30 billion USD for the first time in its 50-year history last year as regional demand for development projects continues to grow.
Hanoi (VNA) – Total committed credits of the Asian Development Bank (ADB)exceeded 30 billion USD for the first time in its 50-year history last year asregional demand for development projects continues to grow, according to thebank’s 2016 annual report released on April 25.
Thereport showed that ADB’s total lending in 2016, including co-financing, reached31.70 billion USD, an 18 percent increase from 2015.
Thetotal included 17.47 billion USD in approvals for loans and grants, 169 millionUSD for technical assistance, and 14.06 billion USD for co-financing, whichrose by a record 31 percent over the previous year.
Disbursementalso reached a new high of 12.26 billion USD in 2016.
“Theincrease in our development financing to Asia and the Pacific reflects ourstrong commitment to improving the lives of the people in the region,” said ADBPresident Takehiko Nakao. “As ADB celebrates 50 years of providing developmentassistance, we will strive even harder to meet the changing needs of ourdeveloping member countries.”
ADBestimates that the Asia-Pacific region requires 1.7 trillion USD a year to meetits infrastructure financing needs as a lack of infrastructure continues tolimit economic growth, inhibit poverty reduction, and restrict improvements toquality of life.
Thereare still 330 million people living in absolute poverty across the region.
ADB,based in Manila, is dedicated to reducing poverty in Asia and the Pacificthrough inclusive economic growth, environmentally sustainable growth, andregional integration.
Established in 1966, ADB is celebrating 50 years of development partnership inthe region. It is owned by 67 members - 48 from the region.- VNA
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Photo: tribune.com.pk 
