The Asian Development Bank ( ADB ) committed US$24.3 billion from its own resources in 2024, coupled with US$14.9 billion in co-financing in collaboration with its partners, to help its Asia-Pacific developing member countries ( DMCs ) to make progress toward sustainable, inclusive and resilient development.

The US$24.3 billion, as noted in its Annual Report 2024, comprised loans, grants, equity investments, guarantees and technical assistance provided to governments and the private sector.

To build on the 1 million direct jobs it generated in 2024, the ADB, it says, committed US$4.8 billion through its private sector projects and programmes – up 28.5% from 2023. Collaborations with governments, financial institutions and investors, the report shares, supported enabling business environments, deepened capital markets and increased trade.

The development bank’s milestones for 2024, listed in the report, include capital management reforms that will enable it to expand its operations by 50% over the next decade, a major update to the institution’s corporate strategy, and a record US$5 billion replenishment for the Asian Development Fund, the bank’s largest source of grant financing for operations in its poorest and most vulnerable DMCs.

As well, the ADB, it points out, deployed a range of financial and knowledge support during the year to:

• create more productive and resilient food production systems
• reduce the damaging impacts of extreme weather events
• reverse environmental degradation and biodiversity loss.

The multilateral development bank, which was founded in 1966 and is owned by its 69 members, 49 of which are from Asia-Pacifcc, also notes that it assisted DMCs to implement critical reforms to:

• improve public financial management
• address fiscal risks
• promote social and economic development through better domestic resource mobilization and budgeting.

“With our increased financial firepower and a sharper strategic focus, the ADB is turning commitment into concrete results,” says its president Masato Kanda. “We are financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health and social protection.”