ADB Commits Record $39.2B in 2024 to Power Sustainable Growth in Asia-Pacific

In 2024, ADB not only mobilized greater financial resources but also sharpened its strategic focus—ensuring that the Bank is not just a financier, but a transformational development partner.

The Asian Development Bank (ADB) has released its Annual Report 2024, unveiling a record-setting commitment of $39.2 billion in financial resources to help developing member countries (DMCs) in Asia and the Pacific address multifaceted development challenges. The total includes $24.3 billion from ADB's own resources and an additional $14.9 billion in cofinancing mobilized in partnership with governments, financial institutions, and private investors.

The increased funding reflects ADB’s expanding mandate and enhanced financial capacity following significant capital management reforms, and highlights the institution’s evolution into a bigger, better, and more responsive development bank.

Driving Inclusive and Resilient Growth

Under the leadership of President Masato Kanda, ADB focused its strategic investments in 2024 on accelerating progress in core development areas, including:

• Energy and Transport: Expansion of affordable, low-emission energy systems and efficient transport networks aimed at increasing regional connectivity and reducing carbon footprints.

• Private Sector Development: ADB committed $4.8 billion to private sector operations—an increase of 28.5% from 2023. This investment supported over 1 million direct jobs and helped deepen capital markets, facilitate trade, and foster business-friendly environments across member nations.

• Human Capital and Social Protection: Strengthened investments in education, health care, and social welfare systems enabled better service delivery, especially in underserved and vulnerable communities.

Milestones and Strategic Advances

Among the key highlights in 2024 were several transformative milestones that define ADB’s future direction:

• Capital Management Reforms: These reforms will enable ADB to increase its lending capacity by 50% over the next decade, broadening its reach and developmental impact.

• Corporate Strategy Update: ADB undertook a major revision of its institutional strategy to align with the evolving needs of its DMCs, prioritizing sustainability, inclusion, climate resilience, and digital transformation.

• Asian Development Fund Replenishment: A record $5 billion was secured to replenish the Asian Development Fund (ADF), the largest pool of grant-based support targeted at the poorest and most climate-vulnerable countries in the region.

Addressing Climate, Food Security, and Environmental Challenges

ADB significantly enhanced its role in combating climate change and environmental degradation. The bank:

• Promoted climate-resilient agriculture and productive food systems to improve food security and livelihoods.

• Deployed knowledge and financial instruments to help DMCs adapt to and mitigate extreme weather events.

• Supported programs to reverse environmental degradation, conserve ecosystems, and protect biodiversity.

Strengthening Public Institutions and Financial Governance

Recognizing the critical role of strong institutions, ADB partnered with governments to implement reforms in public financial management, boost domestic revenue mobilization, and ensure more effective budgetary planning and fiscal oversight.

These reforms helped reduce fiscal vulnerabilities and empowered local authorities to better deliver services and invest in development.

ADB’s Mission and Legacy

Founded in 1966 and owned by 69 members (with 49 from the region), ADB continues to be a cornerstone multilateral institution working tirelessly to foster sustainable, inclusive, and resilient growth in Asia and the Pacific.

By harnessing innovative financing mechanisms, robust partnerships, and cutting-edge knowledge solutions, ADB remains committed to transforming lives, building quality infrastructure, and safeguarding the environment for future generations.

In 2024, ADB not only mobilized greater financial resources but also sharpened its strategic focus—ensuring that the Bank is not just a financier, but a transformational development partner.