A 28 percent surge in co-financing pushed development assistance from theAsian Development Bank to new heights in 2014.
In its latest annual report released ahead of the annual meeting in Baku, Azerbaijan, ADB notes that it approved $22.93 billion in development financing to Asia and the Pacific that year, up 8.4 percent from2013’s $21 billion in net assistance to the region. Disbursements from the bank’s Ordinary Capital Resources, one of ADB’s two main financial instruments, meanwhile increased 17 percent year on year to $10.4 billion — its highest approved financing over the past five years.
“These numbers emphasize ADB’s push for improved project implementation and for greater private sector participation and co-financing schemes,” President Takehiko Nakao said in the report. “My resolve is that ADB remains proactive and responsive, striving for even greater achievements in poverty reduction as we approach 2020.”
This push for greater private sector cooperation and partnership has prodded ADB to establish its own public-private partnership office last year to advise countries and companies on the best practices on PPPs. Some of the partnerships the bank focused on last year include a pioneer $2 million investment in a private-run educational institution in India and $16.5 million to boost private agribusiness projects in Cambodia and India, among others.
Lean Alfred Santos is a Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. Prior to joining Devex, he covered Philippine and international business and economic news, sports and politics. Lean is based in Manila.
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