ADB gets $ 100 b financial firepower to boost region's resilience

ADB President Masato Kanda announces to members and stakeholders enhanced financial resources at 58th Annual Meeting in Milan, Italy

- BY NISTHAR CASSIM IN MILAN, ITALY

• Says move will allow ADB to grow operations by 50% over next decade

• Last year, ADB deployed almost $ 40 b for development across Asia and Pacific

• President stresses ADB's ambition is not simply to grow bigger but become more effective and more inclusive

• Reveals integrated strategy for resilient, inclusive, and sustainable growth

• Stresses Asia Pacific is full of promise, home to extraordinary opportunity and potential

• Calls for bold and collective action to solve complex challenges in Asia Pacific

THE Asian Development Bank (ADB) yesterday announced enhanced financial firepower of $ 100 billion to boost the region's resilience in successfully overcoming challenges.

The announcement was made by ADB President Masato Kanda in his remarks at the Opening Session of ADB’s 58th Annual Meeting in Milan, Italy, attended by around 5,000 representatives from member countries and partners and global media, including the Daily FT.

Kanda said the ADB must continue to evolve to deliver on its ambitious agenda, and it has strengthened institutional resources and boosted financial firepower.

"We have created $100 billion in additional headroom, which will allow us to grow our operations by 50% over the next decadefrom $24 billion to $36 billion a year-to meet the rising aspirations of our developing member countries," Kanda said amidst applause from the audience gathered at the Milano Convention Centre.