Asian Development Bank plans 50% jump in annual financing to $36 billion by 2034

New Delhi: The Asian Development Bank (ADB) said on Tuesday it has approved a plan to raise its annual financial commitments by about 50% over the next decade to more than $36 billion by 2034.

The multilateral lender, which is looking to bolster its funding of development projects across Asia and the Pacific region, said its non-sovereign operations are expected to rise to 27% from 20% during this period, but sovereign operations would expand at a moderate pace with a more balanced and diverse portfolio.

The surge in its lending commitments under a capital utilisation plan, it said, will be backed by an expansion in staff and technical assistance resources.


"This dynamic plan responds to the changing needs of our region and strengthens the transformative impact of ADB's work, improving the lives of people and safeguarding our planet," said ADB president, Masatsugu Asakawa.

The ADB intends to invest a part of its steadily growing income strategically over the next decade to help its developing member countries move towards high-quality, bankable projects and mobilise sustainable finance through the capital markets."New intended initiatives include a borrowing facility with financial and non-financial incentives to drive investments in resilience and sustainability, and more flexible instruments to enhance project preparation," ADB said in a statement.