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Asian Development Bank's net allocable income hits $1.13 billion


BusinessWorld
May 7, 2021 | 12:05 am
BW FILE PHOTO
THE ASIAN Development Bank’s (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 bank’s 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 bank’s 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 ADB’s 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 ADB’s technical assistance ....

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