The Asian Development Bank (ADB) said Thursday it committed $24.3 billion from its own resources in 2024, along with $14.9 billion in co-financing with partners, to help Asia and the Pacific tackle complex development challenges.
The ADB’s financial and operational results were released in its Annual Report 2024 which details how the Manila-based lender supported its developing member countries (DMCs) in their progress toward sustainable, inclusive and resilient development.
“With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,” ADB president Masato Kanda said in a statement.
“We are financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health, and social protection. Together with our partners, we are building a brighter future for the next generation in Asia and the Pacific,” said Kanda.
The $24.3 billion comprised loans, grants, equity investments, guarantees and technical assistance provided to governments and the private sector.
The ADB said its private sector projects and programs generated 1 million direct jobs in 2024, with $4.8 billion in commitments, a 28.5-percent increase from 2023. Collaborations with governments, financial institutions and investors supported enabling business environments, deepened capital markets and increased trade.
The report highlighted the ADB’s efforts to become a larger, better, and more effective development bank.
Key developments included capital management reforms expected to expand operations by 50 percent over the next decade, a major update to its corporate strategy, and a record $5-billion replenishment for the Asian Development Fund, the ADB’s largest source of grant financing for its poorest and most vulnerable DMCs.
The ADB also deployed financial and knowledge support during the year to enhance food production systems, mitigate the impacts of extreme weather, and reverse environmental degradation and biodiversity loss.
The bank assisted DMCs in implementing critical reforms to improve public financial management, address fiscal risks, and promote social and economic development through better domestic resource mobilization and budgeting.
