The Asian Development Bank (ADB) committed $22.8 billion from its own resources in 2021 to help Asia and the Pacific tackle the immediate effects of the COVID-19 pandemic and promote a green recovery.
Financial and operational results were published today in ADB’s Annual Report 2021.
“ADB firmly believes that addressing the impacts of the pandemic and supporting long-term development are not mutually exclusive,” ADB President Masatsugu Asakawa said.
“Our sustained COVID-19 response has laid the foundations for an inclusive, resilient, and green recovery, ensuring progress toward our Strategy 2030 objectives.”
The multi-billion-dollar commitment includes loans, guarantees, grants, equity investments, and technical assistance provided to governments and the private sector.
ADB also mobilized $12.9 billion in cofinancing.
59% of ADB’s 2021 commitments, or $13.5 billion, were designated for the pandemic response but are also expected to have other benefits as well, such as strengthening the health sector.
The financing included $4.6 billion in policy-based lending and $250 million through the COVID-19 Pandemic Response Option.
In addition to pandemic response efforts, ADB’s 2021 operations also remained focussed on longer-term development efforts like climate change mitigation.
“The battle against climate change will be won or lost in Asia and the Pacific. To succeed, our region needs to accelerate the transition to a low-carbon future,” Asakawa said.
All of ADB’s 2021 commitments include elements that will specifically benefit women and girls.
The bank also ramped up efforts to assist governments to mobilize domestic financial resources essential for sustainable growth, including through the launch of the Asia Pacific Tax Hub, a vehicle to support tax and related reforms region-wide.
The Annual Report also details a series of internal reforms underway to ensure ADB has the right skills, culture, structure, and tools to fulfil its mission.