April 25, 2023
ISLAMABAD – The Asian Development Bank (ADB) committed $20.5 billion from its own resources in 2022 to help Asia and the Pacific continue its recovery from the Covid-19 pandemic despite fresh economic headwinds and crises, according to a report released on Monday.
The $20.5bn comprised loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. ADB mobilised an additional $11.4bn in co-financing, according to the financial and operational results published in the bank’s annual report.
In 2022, ADB responded to Asia and the Pacific’s worsening food crisis by providing $3.7 billion to deliver food relief for people most in need and to create more sustainable, productive, and climate-resilient food systems: https://t.co/0A0EDwj01P #ADBAnnualReport pic.twitter.com/CH99CNKPmG
— Asian Development Bank (@ADB_HQ) April 24, 2023
ADB committed $6.7bn in financing for climate mitigation and adaptation in 2022, making progress toward its ambition of providing $100bn in cumulative climate financing during 2019–2030.
To address the region’s worsening food crisis, ADB provided $3.7bn under its $14bn food security programme, delivering essential food relief for people most in need and strengthening food production systems.
To support economic recovery, ADB financed institutional reforms, strengthened public service delivery, and growth in key economic sectors. ADB’s $3.9bn in commitments to the private sector included vital liquidity support to enterprises facing a difficult business environment.
Meanwhile, the bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors that contributed to building economy-wide resilience.
Promoting gender equality remained at the forefront of ADB’s work, with 97 per cent of the bank’s operations in 2022 contributing to this agenda. These operations included initiatives to improve women’s access to quality jobs, foster women’s entrepreneurship, and build women’s resilience to climate change.
Delivering a substantial emergency response for Pakistan during 2022, ADB supported post-pandemic green growth and increased resilience to both short and long-term challenges in its developing member countries of Central and West Asia.
The bank committed financial resources totaling $6bn for the region in 2022, comprising $4.8bn in sovereign financing and $1.2bn in non-sovereign investments.
The report said Afghanistan and Pakistan were severely impacted by rising food and energy prices, exacerbated by the Russian invasion of Ukraine, triggering domestic inflation and curtailing consumption. It further noted that Pakistan also faced devastating flooding in 2022 which claimed the lives of more than 1,500 people.
The report said the bank worked swiftly to provide immediate support for Pakistan’s flood victims, disbursing a $3 million grant under the Asia Pacific Disaster Response Fund in September and ensuring supply of emergency food supplies, tents, and other relief items.
The bank followed that emergency support by committing a further $449m for direct and comprehensive flood support. Comprising a loan, technical assistance, and repurposed financing, the package covers reconstruction of 485kms of vital roads and around 30 bridges, the report said.
ADB also provided Pakistan with $1.5bn, along with $500m in co-financing, through the Building Resilience with Active Counter-cyclical Expenditures Programme.
To improve health outcomes for Pakistani women, ADB committed a $100m loan for upgrading secondary hospitals in Khyber Pakhtunkhwa.