BAKU, Azerbaijan, April 25. The Asian
Development Bank (ADB) stepped up its commitment to sustainable
development in Asia and the Pacific in 2023, injecting a
substantial $23.6 billion into various initiatives, Trend reports.
According to the bank, among these, $9.8 billion was earmarked
specifically for climate action, demonstrating ADB’s dedication to
addressing environmental challenges in the region.
This significant investment comprised a diverse range of
financial instruments, including loans, grants, equity investments,
guarantees, and technical assistance, aimed at both governments and
the private sector. Moreover, ADB didn’t go it alone; leveraging
its strong partnerships, the bank mobilized an additional $16.4
billion in cofinancing to amplify its impact.
“ADB continued to step up as the climate bank for Asia and the
Pacific, reaching our highest-ever annual financing for climate
action. Our investments in adaptation and mitigation had a strong
focus on climate-resilient agriculture, renewable energy, and
low-carbon transport,” said ADB President Masatsugu Asakawa.
One of the focal points of ADB’s efforts remained the
development of essential infrastructure, such as energy and
transportation systems, vital for fostering sustainable growth.
Additionally, the bank prioritized investments in education and
healthcare to bolster the region’s human capital, recognizing it as
a key driver of long-term prosperity.
In line with its mission to promote equality, ADB continued to
tackle gender disparities head-on. Nearly all of its operations in
2023 contributed to narrowing the gender gap, with specific
initiatives aimed at mitigating the disproportionate effects of
climate change on women.
Since its establishment in 1966, ADB has been steadfast in its
pursuit of a prosperous, inclusive, and resilient Asia-Pacific
region. With 68 member countries, including 49 from the region
itself, the bank remains committed to its overarching goal of
eradicating extreme poverty while ensuring sustainable development
for generations to come.
