The Asian Development Bank hopes to raise some $12 billion for the next cycle of its concessional lending facility, the Asian Development Fund.
The ADF’s budget for the period 2013 to 2016 will be finalized ahead of the ADB annual meeting May 2 to 5 in Manila, Philippines. ADB’s expected final figure is about 6 percent higher than the $11.3 billion that was raised for the fund’s last budget cycle.
ADB has been negotiating with donors about their possible contributions to the fund over the past six months, Agence France-Presse says. Japan reportedly made the highest pledge, while other countries have yet to confirm their contributions. ADB President Haruhiko Kuroda did recognize that it might be difficult to mobilize close to $12 billion given the economic slump in most donor countries.
The ADF’s budget is just one of several issues to be tackled during the bank’s annual meeting. The event will also feature seminars on topics such as climate change and financial inclusion, as well as a civil society program. Among confirmed guests are economist Jeffrey Sachs, Inter-American Development Bank President Luis Alberto Moreno and Japan International Cooperation Agency President Akihiko Tanaka.
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