$292.5 million to the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries.
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.
$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 and certain adjustments reported in the cumulative revaluation adjustments account.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: May 05 2024 | 11:40 PM IST
