ADB to allocate $1.13-B in net allocable income
Manila-based multilateral lender Asian Development Bank (ADB) on Wednesday announced that it will allocate $1.13 billion in net allocable income from its 2020 ordinary capital resources.
According to the ADB, this is the highest allocated in ADB history. It is also $62.5 million higher than the net allocable income in 2019.
The ADB said that $734.3 million will be allocated to the Ordinary Reserve in order to support the ADB’s capital adequacy and provide an earnings base to generate net income.
Meanwhile, $292.4 million will be allocated to the Asian Development Fund, which it said provides grants to low-income developing member countries.
The ADB will also allocate $90 million to the Technical Assistance Special Fund while $15 million will be given to the Asia Pacific Disaster Response Fund.
Under the Asia Pacific Disaster Response Fund, assistance is provided to low developing member countries for life-saving purposes after major disasters.
The ADB earlier said it committed a record $31.6 billion in 2020 to help Asia and the Pacific address the COVID-19 crisis, support green and sustainable recovery from the pandemic, and address longer-term development challenges. — Joahna Lei Casilao/BM, GMA News
ADB to allocate $1.13-B in net allocable income
Manila-based multilateral lender Asian Development Bank (ADB) on Wednesday announced that it will allocate $1.13 billion in net allocable income from its 2020 ordinary capital resources.
According to the ADB, this is the highest allocated in ADB history. It is also $62.5 million higher than the net allocable income in 2019.
The ADB said that $734.3 million will be allocated to the Ordinary Reserve in order to support the ADB’s capital adequacy and provide an earnings base to generate net income.
Meanwhile, $292.4 million will be allocated to the Asian Development Fund, which it said provides grants to low-income developing member countries.
The ADB will also allocate $90 million to the Technical Assistance Special Fund while $15 million will be given to the Asia Pacific Disaster Response Fund.
Under the Asia Pacific Disaster Response Fund, assistance is provided to low developing member countries for life-saving purposes after major disasters.
The ADB earlier said it committed a record $31.6 billion in 2020 to help Asia and the Pacific address the COVID-19 crisis, support green and sustainable recovery from the pandemic, and address longer-term development challenges. — Joahna Lei Casilao/BM, GMA News