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Tuesday July 23 2024

ADB to allocate record-breaking net income from ordinary capital resources

5 May 2024 17:46 (UTC+04:00)
ADB to allocate record-breaking net income from ordinary capital resources

Board of Governors of the Asian Development Bank (ADB) has endorsed the bank's financial statements for 2023 and the distribution of a record-high net income of $1.42 billion from ordinary capital resources, marking the highest allocation in ADB's history, Azernews reports from the ADB's 57th Annual Meeting in Tbilisi.

The net profit for 2023 will be distributed as follows:

• $1.005 billion to ADB's ordinary reserve to bolster the bank's capital growth and establish a revenue base for income generation.

• $292.5 million to the Asian Development Fund, which extends grants to ADB's most impoverished and vulnerable developing member countries.

• $110 million to the Technical Assistance Special Fund, which offers technical assistance grants to borrowing members to aid in project preparation and conduct technical or policy studies.

• $15 million to the Asia-Pacific Disaster Response Fund, which furnishes immediate post-disaster grants to developing member countries to reinstate life-saving services.

ADB remains committed to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, alongside its ongoing endeavors to eliminate extreme poverty. Established in 1966, it is collectively owned by 68 members, with 49 from the region.

To note, the theme of the 57th ADB Annual Meeting in Tbilisi, which runs from May 2 through May 5, is "Bridge to the Future".

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