ADB releases annual report focuses on Strategy 2030
ADB’s new long-term corporate strategy, Strategy 2030, highlights the strategic transition in progress across ADB’s operations and organization
The Asian Development Bank (ADB) released its Annual Report for 2018 on April 16, focusing on the adoption of ADB’s new long-term corporate strategy, Strategy 2030, which was approved in July 2018, and highlights the strategic transition in progress across all aspects of ADB’s operations and organization.
The report presents ADB’s important operational and organizational milestones over the past year, including key numbers and data about ADB operations, activities, and financial results.
The demand for ADB assistance continued to grow in 2018. New commitments included US$21.6 billion in loans, grants, and investments from ADB’s own resources, exceeding the target of US$19.71 billion and up 10% from 2017.
Private sector operations reached US$3.14 billion, a 37% increase from 2017, which is 14.5% of ADB’s overall commitment. The result reflected ADB’s long-term strategy to increase support for private enterprise, especially in new markets and sectors, to create more high-quality jobs and to mobilize private financial resource for development.
ADB also successfully mobilized US$14 billion in cofinancing from bilateral and multilateral agencies and other financing partners, including US$7.17 billion in cofinancing from ADB’s private sector operations.
The increase in cofinancing saw total new commitments reach US$35.82 billion in 2018, a 13% increase over 2017, reflecting the importance of partnerships in addressing Asia and the Pacific’s continuously growing development needs.
Disbursements, a key indicator for successful project implementation, also improved, rising to US$14.19 billion in 2018, an increase of 24% from 2017.
In his message to stakeholders in the report, ADB President Takehiko Nakao said that Strategy 2030 had energized ADB and positioned the Manila-based lender well to help countries in the Asia-Pacific cope with the challenges and opportunities that lie ahead.
“As our region continues to develop and transform, so too must ADB,” said Nakao. “Strategy 2030 provides us with a clear roadmap to meet the needs of our developing member countries (DMCs) and guide our operations for the next decade. We set out clear corporate targets to significantly increase operations, to build climate and disaster resilience, address gender equality, and mobilize long-term private financing.”
ADB continued to deliver on its climate commitments in 2018 with US$3.6 billion in financing approved. ADB is on target to double its annual climate financing to US$6 billion in approvals by 2020.
ADB also made significant progress in designing projects with a gender focus. In 2018, 47% of ADB’s support, on a three-year-average term, included elements that directly improved the lives of women and girls in the region.
The report also records ADB’s successful efforts to strengthen its role as a leading provider of development knowledge and expertise to DMCs seeking support to implement policies, programs, and projects that utilize international best practices and learnings.
Internally, ADB continued to implement initiatives to improve operational efficiency and business processes. The report describes key areas of reform that support Strategy 2030, including information technology reforms to modernize ADB’s systems and infrastructure.
Social Media Links (This section can be seen in office only):
Twitter : https://www.theasset.com/article-single.php?id=36239&social=twitter
Linkedin : https://www.theasset.com/article-single.php?id=36239&social=linkedin
Facebook : https://www.theasset.com/article-single.php?id=36239&social=facebook
16 Apr 2019