Asian Development Bank (ADB) President Masatsugu Asakawa has reiterated the bank’s commitment to aiding the region’s poorest and most vulnerable countries until 2028.
Speaking at the Board of Governors’ business session during the 57th ADB Annual Meeting in the Georgian capital, Asakawa emphasized the ADB’s pivotal role in navigating the swiftly evolving global and regional landscape.
Underlining ADB’s strategic focus, Asakawa outlined the bank’s dedication to climate action and private sector development within its new operating model. He highlighted the incorporation of innovative digital tools, regional work programs, and corporate performance indicators as part of ADB’s evolving approach.
The meeting, attended by distinguished figures such as Chair of the Board of Governors Lasha Khutsishvili and Bangladesh Finance Minister AH Mahmood Ali, served as a platform to discuss ADB’s agenda for the upcoming years.
Asakawa stressed the importance of leveraging ADB’s expanded lending capacity to support key priorities and members most in need effectively and efficiently. He reaffirmed ADB’s commitment to finalizing the fourteenth replenishment of the Asian Development Fund (ADF), facilitating continued support for the region’s poorest and most vulnerable nations.
While expressing optimism about the outlook for Asia and the Pacific, Asakawa acknowledged the multifaceted challenges developing member countries (DMCs) faced, including climate change, conflict, food insecurity, and rising debt levels. The climate crisis, in particular, poses a significant threat to the region’s development, with 2023 being recorded as the warmest year on record and natural disasters affecting millions across the region.
As part of its efforts to address these challenges, ADB committed $23.6 billion in loans, grants, guarantees, equity investments, and technical assistance in 2023, marking a 15% increase from the previous year. ADB allocated a record $9.8 billion in climate finance, representing 41.5% of its total commitments.
ADB’s Private Sector Operations Department committed $3.8 billion for non-sovereign operations, with a notable increase in lending for frontier economies. The bank also met its corporate financing targets for health, gender, education, and food security financing.
ADB aims to further bolster its support through initiatives such as the Innovative Finance Facility for Climate in Asia and the Pacific and the Climate Change Action Plan for 2023-2030, unveiled at the 28th Conference of the Parties (COP28) in Dubai.
