DUSHANBE, April 22, Asia-Plus — The Asian Development Bank (ADB) approved $10.1 billion in loans in 2007, a 37% increase over the previous year, in response to demands for development assistance, according to ADB’s 2007 Annual report, press release issued by ADB said.
“It was a very busy, productive, and exciting year for ADB,” ADB President Haruhiko Kuroda said in the report, which was released ahead of ADB’s 41st Annual Meeting to be held 3-6 May in Madrid, Spain.
“Our annual loan approvals grew from $7.4 billion in 2006 to $10.1 billion in 2007, clearly demonstrating the growing demand for ADB assistance in all parts of the region.” The 2007 amount is the highest in ADB’s 41-year history.
Pakistan was the largest borrower with $2.0 billion, or 20% of the total loans ADB extended last year.
The operational sector with the biggest share of loans was transport and communications with $3.9 billion, or 39% of total loans, more than double the amount in 2006.
Loans with government guarantees last year totaled $9.2 billion for 61 projects. Of this amount, $7.4 billion came from the ordinary capital resources of ADB, while the balance was sourced from the concessional Asia development Fund.
ADB approved a further $672.7 million of assistance in grants in 2007, up 25% from the previous year. Of the total, $519.3 million came from ADF IX; $30.0 million from the Pakistan Earthquake Fund; and $123.4 million from external sources with full or partial administration by ADB.
A total of 242 technical assistance projects were approved worth $243.4 million, all of which were also provided as grants.
Recognizing the important role of the private sector in generating jobs and economic growth, ADB approved $760.3 million for 19 nonsovereign loans to the private sector and $105.0 million for three nonsovereign loans to the public sector.
On project performance last year, ADB showed an improvement in disbursement to $6.8 billion from $5.7 billion in 2006. Of the total, $5.2 billion were disbursements from ordinary capital resources while ADF disbursements accounted for the balance.
ADB, based in Manila, is dedicated to reducing poverty in the Asia and Pacific region through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2007, it approved $10.1 billion of loans, $673 million of grant projects, and technical assistance amounting to $243 million.
