TBILISI: The Board of Governors of the Asian Development Bank (ADB) today approved the bank’s 2023 financial statements and a $1.42 billion net income allocation from its ordinary capital resources, the highest in ADB’s history.

The 2023 allocable net income will be allocated as follows:

$1.005 billion to ADB’s ordinary reserve to support the bank’s capital growth and provide an earnings base to generate income;

$292.5 million to the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries;

$110 million to the Technical Assistance Special Fund, which provides technical assistance grants to borrowing members to help prepare projects and undertake technical or policy studies; and

$15 million to the Asian Pacific Disaster Response Fund, which provides immediate post-disaster grants to developing member countries for restoring lifesaving services.

Allocable net income is defined as net income after appropriation of guarantee fees to the special reserve a
nd certain adjustments reported in the cumulative revaluation adjustments account.

Source: Emirates News Agency