MANILA: The Asian Development Bank (ADB)’s partners committed $16.4 billion in cofinancing in 2023, up by 44% from the previous year. This bolstered ADB’s efforts to tackle the complex challenges faced by developing member countries, as reported in ADB’s Partnership Report 2023: Climate Action, Sustainable Development.

‘Working hand in hand with partners, ADB is accelerating climate action and sustainable development in the Asia and Pacific region,’ said ADB Managing Director General Woochong Um. ‘We are boosting renewable energy with Southeast Asia’s biggest wind power plant, the Monsoon wind power project, in the Lao PDR. We are integrating climate adaptation and mitigation measures into major transportation projects, for example, with Vanuatu’s inter-island shipping project.’

New partners include the Global Energy Alliance for People and Planet and the International Finance Facility for Education. ADB also established new financing partnerships in 2023, including the Innovative Finance Facility for Clima
te in Asia and the Pacific and the Ocean Resilience and Coastal Adaptation Financing Partnership Facility.

ADB mobilised resources from diverse sources, including 15 bilateral and 7 multilateral organisations, 5 global funds, 29 trust funds, as well as from the private sector. Cofinancing for sovereign projects reached $9.5 billion in 2023, while cofinancing for nonsovereign operations reached $6.9 billion in 2023.

Source: Emirates News Agency