BAKU, Azerbaijan, April 25. The Asian Development Bank (ADB) stepped up its commitment to sustainable development in Asia and the Pacific in 2023, injecting a substantial $23.6 billion into various initiatives, Trend reports.
According to the bank, among these, $9.8 billion was earmarked specifically for climate action, demonstrating ADB's dedication to addressing environmental challenges in the region.
This significant investment comprised a diverse range of financial instruments, including loans, grants, equity investments, guarantees, and technical assistance, aimed at both governments and the private sector. Moreover, ADB didn't go it alone; leveraging its strong partnerships, the bank mobilized an additional $16.4 billion in cofinancing to amplify its impact.
"ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action. Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy, and low-carbon transport," said ADB President Masatsugu Asakawa.
One of the focal points of ADB's efforts remained the development of essential infrastructure, such as energy and transportation systems, vital for fostering sustainable growth. Additionally, the bank prioritized investments in education and healthcare to bolster the region's human capital, recognizing it as a key driver of long-term prosperity.
In line with its mission to promote equality, ADB continued to tackle gender disparities head-on. Nearly all of its operations in 2023 contributed to narrowing the gender gap, with specific initiatives aimed at mitigating the disproportionate effects of climate change on women.
Since its establishment in 1966, ADB has been steadfast in its pursuit of a prosperous, inclusive, and resilient Asia-Pacific region. With 68 member countries, including 49 from the region itself, the bank remains committed to its overarching goal of eradicating extreme poverty while ensuring sustainable development for generations to come.