ADB s net allocable income reaches $1.13 billion
10 May 2021, 22:37 GMT+10
Manila [Philippines], May 10 (ANI): The board of governors at Asian Development Bank (ADB) has adopted a resolution to allocate 1.13 billion dollars in net allocable income from 2020 ordinary capital resources, the highest in ADB s history.
The 2020 net allocable income is 62.5 million dollars higher than in 2019, largely led by an increase in income from equity investments and sovereign lending operations.
ADB s ordinary reserve will be allocated 734.3 million dollars to support the bank s capital adequacy and provide an earnings base to generate net income. The Asian Development Fund which provides grants to ADB s low-income developing member countries (DMCs) will receive 292.4 million dollars.
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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