ADB commits US$20.5 bln to support economic recovery in Asia and Pacific
VGP - The Asian Development Bank (ADB) committed US$20.5 billion from its own resources in 2022 to help Asia and the Pacific continue its recovery from the COVID-19 pandemic despite fresh economic headwinds and crises.
In its Annual Report 2022 released Monday, the international lender summarized how it combined finance and knowledge, and leveraged partnerships to help the region cope with economic shocks exacerbated by the Russia-Ukraine conflict, worsening food crisis, and extreme weather events.
The US$20.5 billion comprises loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. ADB has mobilized an additional US$11.4 billion in co-financing.
“Our support in 2022 helped our developing member countries (DMCs) navigate the immediate impacts of these crises while bolstering their longer-term resilience in critical areas such as climate change and food security,” said ADB President Masatsugu Asakawa.
ADB committed US$6.7 billion in financing for climate mitigation and adaptation in 2022, making progress toward its ambition of providing US$100 billion in cumulative climate financing during 2019–2030.
To address the region's worsening food crisis, ADB provided US$3.7 billion under its US$14 billion food security program, delivering essential food relief for people most in need and strengthening food production systems.
To support economic recovery, ADB financed institutional reforms, strengthened public service delivery, and growth in key economic sectors. ADB's US$3.9 billion in commitments to the private sector included vital liquidity support to enterprises facing a difficult business environment.
Meanwhile, the bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors that contributed to building economy-wide resilience.
Promoting gender equality remained at the forefront of ADB's work, with 97 percent of the bank's operations in 2022 contributing to this agenda. These operations included initiatives to improve women's access to quality jobs, foster women's entrepreneurship, and build women's resilience to climate change./.