ADB tops target replenishment for concessional fund

The Asian Development Bank President Haruhiko Kuroda. Photo by: ADB / CC BY-NC

The Asian Development Bank has exceeded its $12 billion target for the latest replenishment round of its concessional financing facility.

ADB President Haruhiko Kuroda announced May 2 the bank has secured $12.4 billion in contributions for the next four-year phase of the Asian Development Fund. The bank’s initial goal had been to mobilize up to $12 billion for ADF’s 2013-2016 operations.

The budget for the 2013-‘16 cycle is 9.7 percent higher than the $11.3 billion raised in the last funding round, which covered 2009-‘12. Kuroda, who was speaking at a news conference during the ongoing ADB annual meeting in Manila, thanked donors for their strong support of ADF despite their own challenging economic situations.

ADF primarily promotes inclusive and sustainable growth, and regional integration. ADB said special attention will be given to small island countries and conflict-afflicted states.

Disaster response is also a key part of ADF’s focus over the next four years. A new disaster response facility was created under ADF to support the region’s poorest countries.

The 28 ADB member countries which have received aid from ADF are: Afghanistan, Armenia, Georgia, Kyrgyzstan, Pakistan, Tajikistan, Uzbekistan, Mongolia, Bangladesh, Bhutan, Maldives, Nepal, Sri Lanka, Cambodia, Laos, Vietnam, Kiribati, Marshal Islands, Micronesia, Nauru, Palau, Papua New Guinea, Samoa, Solomon Islands, East Timor, Tonga, Tuvalu and Vanuatu.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.