ADB Records $11.4 Billion in Cofinancing, Focused on Resilience Against Economic Shocks – EQ Mag
MANILA, PHILIPPINES : The financing partners of the Asian Development Bank (ADB) committed $11.4 billion in cofinancing of ADB projects in 2022 to help build the resilience of developing member countries and enable them to withstand economic shocks, according to the Partnership Report 2022: Driving Growth, Boosting Resilience published today.
“Resilience is one of the four pillars of ADB’s Strategy 2030 and is integrated into all aspects of our development work,” said ADB Managing Director General Woochong Um. “Our region needs resilient infrastructure, cities, and communities. We want the environment and natural resources to be resilient. We want all economies in the region to be resilient. Our partnerships enable significant progress in promoting resilience.”
ADB and its partners helped countries and communities strengthen resilience across Asia and the Pacific. Actions included providing cash transfer support to Sri Lankans suffering through food inflation, helping Mongolia weather economic shocks from rapidly escalating food and fuel prices, and enabling Vanuatu to better target its COVID-19 response to the poor and marginalized.
ADB’s partnerships also strengthened women’s economic resilience. They helped the Bank of Georgia provide financing for women-owned or led small businesses; Indonesian women and other vulnerable groups increase financial inclusion; and Indian farmers, especially women farmers, link to markets and agricultural value chains.
Strengthening resilience also involves optimizing the use of digital technology. Under ADB’s Trade and Supply Chain Finance Program, the digital standards initiative was designed to drive digitalization of global trade. In South Asia, ADB and partners are helping water utilities improve their operational efficiency with smart water management technology. Several countries in the region are improving health care and reducing costs by digitizing national health information and finance systems.
Cofinancing for sovereign projects reached $4.3 billion in 2022. About 92% of the cofinancing commitments came from bilateral and multilateral partners. The rest was mobilized from global funds, ADB-administered trust funds, and philanthropic and private organizations.
Cofinancing for nonsovereign operations—comprising private sector projects and technical assistance; transaction advisory services; and programs for trade finance, supply chain finance, and microfinance—reached $7.1 billion in 2022.
Numerous private sector partners, 14 bilateral partners, 6 multilateral partners, and 4 global funds cofinanced 124 sovereign and 41 nonsovereign projects with ADB in 2022.
The fully digital 2022 Partnership Report features stories and videos on cofinanced projects, profiles of financing partners and their contributions, and updates on ADB-managed trust funds. It illustrates how financing partnerships are delivering concrete impact on the ground, how they are aligned with ADB operational priorities, and how partnerships amplify ADB’s operations.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.