ADB operating results reached nearly $30B in 2017

Loans and grants, technical assistance, and cofinancing approved by Asian Development Bank (ADB) totaled $28.9 billion in 2017, the Manila-based multilateral lender reported Friday.

ADB noted a 9 percent increase in loans and grants approved year-on-year at $19.1 billion, using its own resources.

Non-sovereign or private sector operations rose by 26 percent to $3.2 billion from $2.5 billion.

Commitments or the amount of loans and grants signed totaled $20.1 billion, up from $13.3 billion.

A 21-percent increase in climate financing highlighted ADB’s operating results last year, to reach a record $4.5 billion comprising $3.6 billion for mitigation and $900 million for adaptation.

ADB President Takehiko Nakao noted the “strong” results were an offshoot of merging the concessional Asian Development Fund lending operations and the Ordinary Capital Resources balance sheet, which happened in 2017.

“This will allow us to deliver a much higher level of assistance to our developing member countries for years to come without seeking a capital increase,” Nakao said.

Among the technical assistance loans approved in 2017 was $100 million for the Philippine government which paved the way for the Infrastructure Preparation and Innovation Facility in support of the Duterte administration’s Build Build Build program.

ADB also finalized last month a P380-million loan agreement to help improve road networks in Mindanao.

This year, the Philippines will be hosting ADB’s 51st Annual Meeting of the Board of Governors as the lender seeks to finalize its new corporate approach called Strategy 2030. —Margaret Claire Layug/VDS, GMA News