 "Asian Development Bank, ADB")
The Asian Development Bank (ADB) committed $20.5 billion from its resources last year to help Asia and the Pacific continue its recovery from the Covid-19 pandemic despite fresh economic headwinds and crises, the Manila-based lender said in a report on Monday.
The ADB's Annual Report 2022 said the $20.5 billion comprised loans and guarantees, grants, equity investments and technical assistance provided to governments and the private sector, reports Xinhua news agency.
The lender mobilised an additional $11.4 billion in co-financing.
The ADB committed $6.7 billion in financing for climate mitigation and adaptation in 2022, making progress toward its ambition of providing $100 billion n cumulative climate financing during 2019-2030.
To address the region's worsening food crisis, the ADB provided $3.7 billion under its $14 billion food security program, delivering essential food relief for people most in need and strengthening food production systems.
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The lender financed institutional reforms to support economic recovery, strengthened public service delivery and growth in key economic sectors.
The $3.9 billion in commitments to the private sector included vital liquidity support to enterprises facing a challenging business environment.
Meanwhile, it made wide-ranging investments in quality infrastructure and education, health and other social sectors that contributed to building economy-wide resilience.
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
