ADB Commits Billions to Tackle Asia-Pacific Development Challenges

(MENAFN) On Thursday, the Asian Development Bank (ADB) announced that it had committed $24.3 billion from its own funds in 2024, alongside $14.9 billion in co-financing secured through collaboration with various partners, to tackle a broad spectrum of development issues across Asia and the Pacific.

The institution's annual report, released the same day, highlighted the ways in which the multilateral lender supported its developing member countries in pursuing sustainable, inclusive, and resilient growth.

According to the report, the $24.3 billion package included a mix of loans, grants, equity investments, guarantees, and technical assistance extended to both public and private sectors.

In an effort to expand on the creation of 1 million direct jobs in 2024, the ADB allocated $4.8 billion to private sector initiatives—marking a 28.5% increase over the previous year.

"With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results," noted ADB President Masato Kanda.

"We are financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health, and social protection," he further noted.

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