ADB lending rises by 37%

by Richard Kilner

Story link: ADB lending rises by 37%

Last year saw the Asian Development Bank respond to calls for greater support by increasing its loans by 37% on the previous year.

In total, it approved $10.1bn of loans in a year described as productive and exciting by ADB president President Haruhiko Kuroda in the organisation’s annual report.

Two years ago the ADB lent $7.4bn, a figure which leapt up by $2.7bn in 2007.

The rise has been attributed to a greater demand for ADB involvement across Asia.

Pakistan was the largest borrower, accounting for a fifth of the record breaking annual total on its own.

Transport and communications was the sector that benefited most from the loans, taking a 39% slice of the cake and more than doubling the amount lent in 2006.

Sixty-one projects came with government guarantees, and accumulated loans worth $9.2bn.

The ADB also approved $672.7m grants, with a further $243.4m of assistance given to technical projects also being classified as grants.

The private sector also enjoyed the ADB’s bumper year, gaining 19 nonsovereign loans worth $760.3m.