To meet Asia's development needs, multilateral funding agency Asian Development Bank (ADB) approved a record $27.15 billion in loans during 2015, up 19 per cent from a year ago. "The Asian Development Bank's operations, comprising approvals of loans and grants, technical assistance, and co-financing, reached an all-time high of $27.15 billion in 2015," ADB said on Friday.
During the year, the approval of loans and grants towards government (sovereign) as well as private sector reached a record $16.58 billion, up 23 per cent from 2014.
While sovereign loan and grant approvals increased by 21 per cent to $13.95 billion, private sector approvals increased 37 per cent to $2.63 billion in 2015. Besides, technical assistance by the Manila-headquartered funding agency amounted to $144 million and co-financing increased by 13 per cent to a record $10.43 billion.
"Our record performance last year reflected strong and growing demand from the Asian and Pacific region," ADB President Takehiko Nakao said in the statement.
During the year, the approval of loans and grants towards government (sovereign) as well as private sector reached a record $16.58 billion, up 23 per cent from 2014.
While sovereign loan and grant approvals increased by 21 per cent to $13.95 billion, private sector approvals increased 37 per cent to $2.63 billion in 2015. Besides, technical assistance by the Manila-headquartered funding agency amounted to $144 million and co-financing increased by 13 per cent to a record $10.43 billion.
"Our record performance last year reflected strong and growing demand from the Asian and Pacific region," ADB President Takehiko Nakao said in the statement.