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The Asian Development Bank (ADB) committed $20.5 billion from its resources last year to help Asia and the Pacific continue its recovery from the Covid-19 pandemic despite fresh economic headwinds and crises, the Manila-based lender said in a report on Monday.
The ADB’s Annual Report 2022 said the $20.5 billion comprised loans and guarantees, grants, equity investments and technical assistance provided to governments and the private sector, reports Xinhua news agency.
The lender mobilised an additional $11.4 billion in co-financing.
The ADB committed $6.7 billion in financing for climate mitigation and adaptation in 2022, making progress toward its ambition of providing $100 billion n cumulative climate financing during 2019-2030.
To address the region’s worsening food crisis, the ADB provided $3.7 billion under its $14 billion food security program, delivering essential food relief for people most in need and strengthening food production systems.
The lender financed institutional reforms to support economic recovery, strengthened public service delivery and growth in key economic sectors.
The $3.9 billion in commitments to the private sector included vital liquidity support to enterprises facing a challenging business environment.
Meanwhile, it made wide-ranging investments in quality infrastructure and education, health and other social sectors that contributed to building economy-wide resilience.
–IANS
ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Apr 24 2023 | 4:31 PM IST
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