Asian Development Bank (ADB) Releases Annual Report, Financial Results For 2018
Sumaira FH 3 days ago Tue 16th April 2019 | 05:21 PM
The Asian Development Bank (ADB) released its Annual Report for 2018 on Tuesday
It also focuses on the adoption of ADB's new long-term corporate strategy, Strategy 2030, approved in July 2018, and highlights the strategic transition in progress across all aspects of ADB's operations and organization.
The demand for ADB assistance continued to grow in 2018. New commitments included $21.6 billion in loans, grants, and investments from ADB's own resources, exceeding the target of $19.71 billion and up 10% from 2017.
Private sector operations reached $3.14 billion, a 37% increase from 2017, which is 14.5% of ADB's overall commitment. The result reflected ADB's long-term strategy to increase support for private enterprise, especially in new markets and sectors, to create more high-quality jobs and to mobilize private financial resource for development.
ADB also successfully mobilized $14 billion in cofinancing from bilateral and multilateral agencies and other financing partners, including $7.17 billion in co-financing from ADB's private sector operations. The increase in co-financing saw total new commitments reach $35.82 billion in 2018, a 13% increase over 2017, reflecting the importance of partnerships in addressing Asia and the Pacific's continuously growing development needs.
In his message to stakeholders in the report, ADB President Takehiko Nakao said that Strategy 2030 had energized ADB and positioned the Manila-based lender well to help countries in Asia and the Pacific cope with the challenges and opportunities that lie ahead.
"As our region continues to develop and transform, so too must ADB," said Nakao. "Strategy 2030 provides us with a clear roadmap to meet the needs of our developing member countries (DMCs) and guide our operations for the next decade. We set out clear corporate targets to significantly increase operations, to build climate and disaster resilience, address gender equality, and mobilize long-term private financing." ADB continued to deliver on its climate commitments in 2018 with $3.6 billion in financing approved. ADB is on target to double its annual climate financing to $6 billion in approvals by 2020.
ADB also made significant progress in designing projects with a gender focus. In 2018, 47% of ADB's support, on a three-year-average term, included elements that directly improved the lives of women and girls in the region.
The report also records ADB's successful efforts to strengthen its role as a leading provider of development knowledge and expertise to DMCs seeking support to implement policies, programs, and projects that utilize international best practices and learnings.
Internally, ADB continued to implement initiatives to improve operational efficiency and business processes. The report describes key areas of reform that support Strategy 2030, including information technology reforms to modernize ADB's systems and infrastructure.
In 2018, to complement its print and online editions, ADB produced a new format of the Annual Report that is optimized for smart devices and screens. The new format includes rich multimedia content andenables standard touchscreen features such as swipe, tap, andscrol