MILAN, Italy, May 5. The Asian Development Bank (ADB) substantially increased private sector financing in 2024, said President of the Asian Development Bank (ADB) Masato Kanda, addressing the business session of ADB Governors, Trend’s special correspondent reports from Milan.
“ADB committed $24.3 billion in financing, grants and technical assistance across our sovereign and nonsovereign operations. This includes a substantial increase in our financing for the private sector - a 29% increase from 2023,” he said.
Kanda noted that ADB scaled up its concessional assistance support for eligible member countries, committing $5.7 billion - a 15% increase from 2023.
“Support for developing member countries in fragile and
conflict-affected situations and in small island developing states
also saw a significant boost with total commitments of $1.1 billion
- a 47% increase from 2023.
ADB’s technical assistance has been critical for enhancing the
effectiveness of development projects, building DMC capacity, and
promoting regional cooperation. This support amounted to $298
million - a 13% increase from 2023,” he said.