ADB committed $23.6 billion from own resources for Asia and Pacific in 2023
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The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023 to help Asia and the Pacific progress on sustainable development.
The figure includes $9.8 billion for climate action, according to ADB's Annual Report 2023 published on Sunday.
The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector, reports BSS.
ADB mobilised an additional $16.4 billion in co-financing through its strong partnerships supplementing its own resources.
The report summarises how ADB supported its Developing Member Countries (DMCs) to address the worsening climate crisis as well as the impacts of conflicts, food insecurity, and increased debt burdens, among other challenges, according to a press release.
The report explains how ADB is evolving so it can help accelerate the region's progress toward the Sustainable Development Goals (SDGs).
"ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action," said ADB President Masatsugu Asakawa.
"Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy, and low-carbon transport," Asakawa added.