Kuala Lumpur: The Asian Development Bank (ADB) committed US$24.3 billion (US$1 = RM4.39) from its own resources last year, alongside US$14.9 billion in cofinancing with its partners, to address a range of complex development challenges in Asia and the Pacific.

According to BERNAMA News Agency, the bank explained that the US$24.3 billion encompassed loans, grants, equity investments, guarantees, and technical assistance provided to both governments and the private sector.

The ADB’s Annual Report 2024, published today, highlights that the bank built on the one million direct jobs it generated in 2024 by committing US$4.8 billion through its private sector projects and programmes, a 28.5 per cent increase from 2023. The bank also noted collaborations with governments, financial institutions, and investors have fostered enabling business environments, strengthened capital markets, and boosted trade.

‘With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,’ said ADB President Masato Kanda, adding that the bank is financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health, and social protection.

The report also outlined ADB’s evolution towards becoming a larger, more effective development bank. ‘Milestones include capital management reforms that will enable ADB to expand its operations by 50 per cent over the next decade, a major update to the institution’s corporate strategy, and a record US$5 billion replenishment for the Asian Development Fund, ADB’s largest source of grant financing for operations in its poorest and most vulnerable developing member countries (DMCs),’ it said.

In addition, ADB deployed a variety of financial and knowledge-based support during the year to enhance food production systems, reduce the damaging impacts of extreme weather events, and reverse environmental degradation and biodiversity loss. The bank also assisted DMCs in implementing critical reforms to improve public financial management, address fiscal risks, and promote social and economic development through better domestic resource mobilisation and budgeting.