(MENAFN- AzerNews) Board of Governors of the Asian Development Bank (ADB) hasendorsed the bank's financial statements for 2023 and thedistribution of a record-high net income of $1.42 billion fromordinary capital resources, marking the highest allocation in ADB'shistory, Azernews reports from the ADB's 57thAnnual Meeting in Tbilisi.
The net profit for 2023 will be distributed as follows:
. $1.005 billion to ADB's ordinary reserve to bolster the bank'scapital growth and establish a revenue base for incomegeneration.
. $292.5 million to the Asian Development Fund, which extendsgrants to ADB's most impoverished and vulnerable developing membercountries.
. $110 million to the Technical Assistance Special Fund, whichoffers technical assistance grants to borrowing members to aid inproject preparation and conduct technical or policy studies.
. $15 million to the Asia-Pacific Disaster Response Fund, whichfurnishes immediate post-disaster grants to developing membercountries to reinstate life-saving services.
ADB remains committed to fostering a prosperous, inclusive,resilient, and sustainable Asia and the Pacific, alongside itsongoing endeavors to eliminate extreme poverty. Established in1966, it is collectively owned by 68 members, with 49 from theregion.
To note, the theme of the 57th ADB Annual Meeting in Tbilisi,which runs from May 2 through May 5, is "Bridge to the Future".
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