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.
Masatsugu Asakawa to stand for reelection as ADB President
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DHAKA, April 26, 2021 (BSS) – Asian Development Bank (ADB) President Masatsugu Asakawa on Monday expressed his intention to stand for reelection as President for the 5-year term after his current term ends on November 23, 2021.
ADB Presidents are nominated from ADB’s regional members for a 5-year term and elected by the ADB Board of Governors, said an ADB press release.
“ADB has worked closely with our developing member countries (DMCs) throughout the global pandemic to design and implement effective solutions for Asia and the Pacific in a timely and tailored manner,” said Asakawa.
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