BusinessWorld
May 7, 2021 | 12:05 am
BW FILE PHOTO
THE ASIAN Development Bankâs (ADB) board of governors agreed on Wednesday to allocate a record high of $1.13 billion in the net allocable income booked in 2020 to support the bankâs operations.
The 2020 net allocable income increased by $62.5 million from the 2019 level on the back of higher profit from equity investments and sovereign lending operations, the ADB said in a statement on Wednesday.
Of the total, 65% or $734.3 million was set aside for the ordinary reserve that will support the bankâs capital adequacy and provide an earnings base to generate net income.
Meanwhile, around 26% or $292.4 million will go to the Asian Development Fund, a facility that provides grants to ADBâs low-income developing member countries, while 8% or $90 million will be for the Technical Assistance Special Fund. This provides a steady stream of funds for ADBâs technical assistance to countries.
The Board of Governors of the Asian Development Bank today approved the bank’s annual financial statements. It also adopted a resolution to allocate $1.13 billion in net allocable income from.
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ADB concedes 22pc of loan projects in Pakistan facing risks
Business
April 28, 2021
ISLAMABAD: Amid decreasing disbursements from $2.28 billion in 2019 to $1.7 billion in 2020 for Pakistan, the Asian Development Bank (ADB) has conceded that almost 22 percent of its existing portfolio of 46 ongoing projects are categorised for facing risks.
The ADB also provided $500 million financial support to Pakistan for pandemic response. According to the annual report released on Tuesday, the Manila based financial institution dwelt upon regarding operational challenges in Pakistan and stated that the COVID-19 pandemic continues to pose a major health care and economic challenge to Pakistan.
Continued efforts toward fiscal consolidation and policy reforms will be key to sustaining improvements in macroeconomic stability, especially in broadening the tax base and improving the business environment. Furthermore, reforms are required to promote high value-added exports, expand social spendin