The Asian Development Bank plans to lend an additional $100 billion over the next 10 years, the latest push from multilateral development banks to do more to tackle global challenges, including climate change, with the resources they have.
According to the bank, it will now be able to lend about $36 billion annually, roughly a 40% increase in lending. In 2022 the bank made about $20.5 billion in commitments.
After a review of the bank’s risk appetite and the amount of rainy day money it has on hand should something go wrong, ADB determined that it could “relax” the rules without jeopardizing its AAA credit rating, Woochong Um, managing director general at ADB, told Devex. The board approved the proposed changes on Thursday.
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About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
