New Delhi
At the 26th World Energy Congress, the Asian Development Bank (ADB) confirmed its commitment to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. ADB’s Strategy 2030 is the guiding framework for these goals, focusing on seven operational priorities along with expanding private sector participation, mobilizing financial resources, and enhancing knowledge services.
In 2023, ADB provided commitments totaling USD 23.6 billion, with significant disbursements of USD 17.8 billion. The bank’s Ordinary Capital Resources (OCR) had a net income of USD 938 million, with an allocable net income of USD 1,423 million. This increase in allocable net income, despite a drop in overall net income due to financial instrument value changes, was driven by higher returns on investments and reduced administrative costs.
ADB’s lending operations grew, with loans outstanding reaching USD 151 billion by the end of 2023. By this time, all non-sovereign loans transitioned from LIBOR-based to the Flexible Loan Product (FLP), meeting global financial standards. In September 2023, ADB’s Board approved capital management reforms, unlocking USD 100 billion in new funding capacity over the next decade to address issues like climate change.
ADB also introduced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), offering grants and guarantees for climate-related projects. It launched the International Finance Facility for Education (IFFEd) to encourage up to USD 2 billion in new education loans. These steps underline ADB’s focus on promoting sustainable development across Asia and the Pacific.
