ISLAMABAD: The Asian Development Bank (ADB) committed $20.5 billion from its resources in 2022 to help Asia and the Pacific continue their recovery from the pandemic despite fresh economic headwinds and crises.

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 on Monday in the bank’s Annual Report 2022.

An analysis of the ADB assistance during 2022 shows that as the development needs of developing member counties become more demanding and the operating environment gets more complex, ADB continues to boost its capacity to deliver high-quality solutions and innovative initiatives efficiently and on time.

The analysis further showed that the pandemic reversed development gains in the region particularly for the poor and vulnerable; developing member countries are adversely impacted by rising food and fuel prices; economic recovery is expected to prolong; and extreme weather events linked to climate change are more frequent and intense.

“Our support in 2022 helped our developing member countries (DMCs) navigate the immediate impacts of these crises while bolstering their longer-term resilience in critical areas such as climate change and food security,” said ADB President Masatsugu Asakawa.

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 2019-30.

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.

Published in Dawn, April 25th, 2023