The Asian Development Bank (ADB) committed 20.5 billion U.S. dollars 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, according to the bank's report released on Monday.
The ADB's Annual Report 2022 said the 20.5 billion U.S. dollars comprised loans and guarantees, grants, equity investments and technical assistance provided to governments and the private sector. The Manila-based lender mobilized an additional 11.4 billion U.S. dollars in co-financing.
The ADB committed 6.7 billion U.S. dollars in financing for climate mitigation and adaptation in 2022, making progress toward its ambition of providing 100 billion U.S. dollars in cumulative climate financing during 2019-2030.
To address the region's worsening food crisis, the ADB provided 3.7 billion U.S. dollars under its 14-billion-U.S. dollar food security program, delivering essential food relief for people most in need and strengthening food production systems.
The ADB financed institutional reforms to support economic recovery, strengthened public service delivery and growth in key economic sectors. The 3.9 billion U.S. dollars 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.
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