New commitments of ADB assistance continue to grow in 2018

Source: Xinhua| 2019-04-16 16:36:52|Editor: xuxin
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MANILA, April 16 (Xinhua) -- New commitments of Asian Development Bank (ADB) assistance continued to grow in 2018, including 21.6 billion U.S. dollars in loans, grants, and investments from ADB's own resources, said the latest ADB Annual Report released on Tuesday.

According to the annual report, the new commitments of ADB in 2018 exceeds the target of 19.71 billion U.S. dollars and up 10 percent from 2017.

ADB said it also successfully mobilized 14 billion U.S. dollars in cofinancing from bilateral and multilateral agencies and other financing partners, including 7.17 billion U.S. dollars in cofinancing from ADB's private sector operations.

The increase in cofinancing saw total new commitments reach 35.82 billion U.S. dollars in 2018, a 13 percent increase over 2017.

ADB said it reflected the importance of partnerships in addressing Asia and the Pacific's continuously growing development needs.

Disbursements, a key indicator for successful project implementation, also improved, rising to 14.19 billion U.S. dollars in 2018, an increase of 24 percent from 2017, the report added.