Manila, April 22 (IANS) The Asian Development Bank (ADB) said on Friday its total operations in 2015 surged to $27.17 billion, the highest in the bank’s history.
The amount covered $16.29 billion in approvals for loans and grants, $141 million for technical assistance, and $10.74 billion for co-financing, which rose by a record 16 percent, according to the Manila-based lending agency’s 2015 Annual Report (2015 AR), Xinhua news agency reported.
ADB said disbursements also hit a new record of $12.22 billion last year, 22 percent higher than the previous year.
Private sector operations jumped to $2.63 billion in 2015 from $1.92 billion in 2014, it said.
“Our record performance in 2015 reflects a growing demand from the Asia and Pacific region for ADB’s development assistance,” said ADB president Takehiko Nakao in his 2015 AR message. “Poverty persists despite the region’s impressive growth, and infrastructure and other development needs are monumental.”
ADB has estimated that the region needs about $800 billion for infrastructure investments annually, amounting to about 6 percent of gross domestic product, compared with current investments of about 2-3 percent in many countries in Asia and the Pacific.