New commitments of ADB assistance continue to grow in 2018

MANILA - New commitments of Asian Development Bank (ADB) assistance continued to grow in 2018, including $21.6 billion in loans, grants, and investments from ADB's own resources, said the latest ADB Annual Report released on Tuesday.

According to the annual report, the new commitments of ADB in 2018 exceeds the target of $19.71 billion and up 10 percent from 2017.

ADB said it also successfully mobilized $14 billion in cofinancing from bilateral and multilateral agencies and other financing partners, including $7.17 billion in cofinancing from ADB's private sector operations.

The increase in cofinancing saw total new commitments reach $35.82 billion in 2018, a 13 percent increase over 2017.

ADB said it reflected the importance of partnerships in addressing Asia and the Pacific's continuously growing development needs.

Disbursements, a key indicator for successful project implementation, also improved, rising to $14.19 billion in 2018, an increase of 24 percent from 2017, the report added.