THE Asia and Pacific region requires about $US8million ($F16.17m) to meet its infrastructure needs from 2010 to 2020, stated the Asian Development Bank’s 2014 annual report, which was released ahead of its 48th annual meeting of the board of governors in Baku, Azerbaijan.
According to the report, ADB approved $US22.93billion ($F46.36b) in development assistance last year.
ADB said the substantial lending volume included $US13.69b ($F27.67b) from its ordinary capital resources and special funds, and a record $US9.24b ($F18.68b) from co-financing partners.
It also disbursed about $US10b ($F20.21b) for the first time in five years.
“The improved performance reflected a 17 per cent rise in disbursements from 2013,” ADB said.
“The strong performance reflects the Asia and Pacific region’s continued need for development assistance, despite impressive growth and poverty reduction efforts in recent years.”
It said its 2014 Annual Report captured ADB in a moment of transition, following a major review of Strategy 2020, its long-term strategic agenda, to make its operations and organisation more efficient, effective and better equipped to respond to the evolving needs of developing member countries.
“While infrastructure investment will remain the bank’s core operational focus, more resources will be channelled into areas where they are needed most: private sector development, climate change, disaster risk prevention, and social protection. Investments in education and health will also double,” ADB said.
“To fund the region’s expanding development need, ADB’s initiative to combine its concessional lending operations with its ordinary capital resources will significantly enhance overall lending capacity.”
The annual report also reviewed ADB’s operations, projects, internal administration, and financial management.
ADB’s significant achievements in 2014:
*
Investments of $US2.4b ($F4.8b) in clean energy;
* Mobilisation of $US3.2b ($F6.46b) in funding to address climate
change;
* Approval of 25 private sector projects worth more than $US1.9b
($F3.84b); and
*
Investments of $US3.4b ($F6.87b) to support regional co-operation and
integration
