The Asian Development Bank (ADB) committed $24.3 billion from its own resources in 2024 and mobilized an additional $14.9 billion in cofinancing with partners to support sustainable and inclusive development across Asia and the Pacific, the lender said.
The figures were released in ADB’s 2024 Annual Report, which outlined the bank’s efforts to help its developing member countries address complex development challenges including energy transition, job creation, and social protection.
“With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,” ADB President Masato Kanda said in the report. “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.”
The $24.3 billion commitment included loans, grants, equity investments, guarantees, and technical assistance provided to both governments and private sector entities.
ADB allocated $4.8 billion for private sector projects and programs, a 28.5% increase from 2023, as part of efforts to foster job creation, deepen capital markets, and support trade. These initiatives helped generate 1 million direct jobs during the year, the bank said.
The report highlighted key milestones including capital management reforms aimed at expanding ADB’s operations by 50% over the next decade and a $5 billion replenishment for the Asian Development Fund, which supports the region’s poorest and most vulnerable economies.
ADB also deployed financial and knowledge assistance to enhance food production systems, mitigate climate risks, and curb environmental degradation.
Founded in 1966 and owned by 69 members—49 from the region—ADB positions itself as a key development partner promoting sustainable growth and resilience in Asia and the Pacific.
Business News Asia