ADB to Boost Operations by 50% in the Coming Decade
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Synopsis
On February 18, the Asian Development Bank (ADB) announced its approval of a plan to increase operations by 50% over the next decade. This initiative aims to utilize its capital effectively to enhance developmental impacts across Asia and the Pacific.
Key Takeaways
- ADB plans a 50% increase in operations.
- Capital Utilisation Plan aims to raise annual financing from $24 billion to $36 billion.
- Non-sovereign operations projected to rise to 27%.
- Established in 1966, ADB now has 69 members.
- Headquartered in Metro Manila, Philippines.
Manila, Feb 18 (NationPress) The Asian Development Bank (ADB) revealed on Tuesday that it has ratified a strategy to amplify its activities by 50 percent over the next ten years, utilizing its current capital framework to improve its developmental influence throughout Asia and the Pacific.
The Capital Utilisation Plan (CUP) delineates a trajectory for elevating the ADB's yearly financing pledges from $24 billion in 2024 to over $36 billion by 2034.
The bank stated that this enhanced funding will support the initiatives of ADB's developing nations in tackling essential developmental challenges in the region.
The ADB indicated that the scheme would augment the bank's lending commitments in the forthcoming two to three years.
As per the plan, non-sovereign operations are anticipated to escalate rapidly, increasing from 20 percent to 27 percent of commitments over the decade, while sovereign operations will grow at a steadier pace with a more varied and balanced portfolio, according to Xinhua news agency.
Founded on December 19, 1966, the ADB operates from its headquarters at 6 ADB Avenue, Mandaluyong, Metro Manila 1550, Philippines. The bank has 31 field offices globally to foster social and economic progress in Asia. It admits members from the UN Economic and Social Commission for Asia and the Pacific (UNESCAP, previously known as the Economic Commission for Asia and the Far East or ECAFE) along with non-regional developed countries. From its initial 31 members, the ADB has grown to 69 members.
The ADB's structure closely resembles that of the World Bank, employing a similar weighted voting system where votes correspond to the capital contributions of members. The ADB publishes an annual report summarizing its operations, budget, and other materials for public review.
