ADB commits $24.3 bn for development in Asia-Pacific in 2024

In its Annual Report 2024, ADB highlighted its increased financial capacity and focused strategic approach to tackling complex issues.

“With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,” said ADB president Masato Kanda. “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.”

The $24.3 billion includes loans, grants, equity investments, guarantees, and technical assistance to both governments and private sectors. ADB's efforts have also led to the creation of 1 million direct jobs in 2024, alongside a 28.5 per cent rise in private sector financing, totalling $4.8 billion.

Further reforms in ADB's operations, including capital management updates and a $5 billion replenishment for the Asian Development Fund, position the bank for a 50 per cent growth in operations over the next decade. Key initiatives focus on improving food systems, mitigating climate risks, and reversing environmental damage.

As a multilateral development bank, ADB continues to drive growth and innovation to address the region's most urgent development needs, leveraging partnerships and advanced financial tools for impactful solutions.

Fibre2Fashion News Desk (KD)