MANILA, April 25 (Xinhua) -- The Asian Development Bank (ADB) annual operations exceeded the 30 billion U.S. dollars mark for the first time in its 50-year history last year as regional demand for development finance and knowledge, particularly on infrastructure, continues to grow, said the bank's 2016 annual report released on Tuesday.
The new report said ADB's total lending in 2016, including cofinancing, reached 31.70 billion U.S. dollars, or an 18 percent increase from 2015.
The total includes 17.47 billion U.S. dollars in approvals for loans and grants, 169 million dollars for technical assistance, and 14.06 billion dollars for cofinancing, which increased by a record 31 percent over 2015, the report said, adding that disbursements, a key indicator for successful project implementation, also reached a new high of 12.26 billion U.S. dollars in 2016.
ADB President Takehiko Nakao said the spike in ADBs development financing to Asia and the Pacific "reflects our strong commitment to improving the lives of the people in the region."
The 2016 annual report also reviewed the significant economic transformation in Asia and the Pacific over the past 50 years, and the role played by ADB to support the region's development to improve people's lives.
The report noted that while the region's economic growth and success in reducing poverty have exceeded the most optimistic forecasts, there remain significant challenges to be addressed.
"We cannot be complacent," Nakao said. "The fact remains there are still 330 million people living in absolute poverty across Asia and the Pacific. A lack of infrastructure continues to limit economic growth, inhibit poverty reduction, and restrict improvements to quality of life," Nakao said.
ADB estimates that the region requires 1.7 trillion U.S. dollars a year to meet its infrastructure financing needs.
The Manila-based ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
