ADB Deploys Nearly US$40 Bln For Development Across Asia And The Pacific In 2024
KUALA LUMPUR, April 24 (Bernama) -- The Asian Development Bank (ADB) committed US$24.3 billion (US$1 = RM4.39) from its own resources last year, alongside US$14.9 billion in cofinancing with its partners, to address a range of complex development challenges in Asia and the Pacific.
In a statement issued today, the bank explained that the US$24.3 billion encompassed loans, grants, equity investments, guarantees, and technical assistance provided to both governments and the private sector.
According to the ADB's Annual Report 2024, which was published today, the bank built on the one million direct jobs it generated in 2024 by committing US$4.8 billion through its private sector projects and programmes, a 28.5 per cent increase from 2023.
The ADB also highlighted that its collaborations with governments, financial institutions, and investors have fostered enabling business environments, strengthened capital markets, and boosted trade.
'With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,' said ADB President Masato Kanda, adding that the bank is financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health, and social protection.
The report also outlined ADB's evolution towards becoming a larger, more effective development bank.
'Milestones include capital management reforms that will enable ADB to expand its operations by 50 per cent over the next decade, a major update to the institution's corporate strategy, and a record US$5 billion replenishment for the Asian Development Fund, ADB's largest source of grant financing for operations in its poorest and most vulnerable developing member countries (DMCs),' it said.
In addition, ADB deployed a variety of financial and knowledge-based support during the year to enhance food production systems, reduce the damaging impacts of extreme weather events, and reverse environmental degradation and biodiversity loss.
The bank also assisted DMCs in implementing critical reforms to improve public financial management, address fiscal risks, and promote social and economic development through better domestic resource mobilisation and budgeting.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
35 minutes ago
- The Star
High Court stays freeze order on Na'imah's assets
KUALA LUMPUR: The High Court here has granted a stay on an ex-parte forfeiture order obtained by the Malaysian Anti-Corruption Commission (MACC) earlier this month in its bid to freeze £132mil (RM758.2mil) worth of assets in London belonging to Toh Puan Na'imah Khalid and her family. Justice Azhar Abdul Hamid said the order was stayed pending an application by Na'imah, who is seeking to intervene in the MACC's notice of motion. ALSO READ: Daim's widow to challenge London asset freeze order "This application (to be an intervener) should be heard inter parte. "The application should be filed and served within 14 days. At the same time, the order dated June 3 is stayed," Justice Azhar said on Monday (June 23). The court fixed July 9 to hear the application to intervene. On June 3, the same court had granted the MACC an order to freeze the assets in London belonging to Na'imah, who is the wife of the late former finance minister Tun Daim Zainuddin. The assets include two commercial buildings, five luxury residences and one bank account. ALSO READ: Dismissal of Na'imah's application a miscarriage of justice, court told According to the MACC, investigations indicated that the assets were linked to suspected offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. It said the freeze was part of ongoing efforts to trace and recover assets believed to be connected to unlawful activity. At a separate High Court, Justice K. Muniandy fixed Aug 1 to hear Na'imah's application to intervene in another ex-parte notice of motion filed by the MACC. The MACC had sought to obtain an ex-parte court order under Section 53 of the AMLATFPUAA to forfeit more than RM544mil in US dollars and pound sterling. ALSO READ: Lawyers for Daim's widow to challenge MACC's seizure of Ilham Tower in court DPP Wan Nur Iman Wan Ahmad Afzal told the court that the monies, which were investments locked in 12 bank accounts in Singapore, belonged to Na'imah, her family and her associates. "An investigation has been carried out by the Inland Revenue Board (LHDN). Based on preliminary investigation, we believe the assets owned by Na'imah and her associates had never been declared (to the LHDN). "We say that the assets must be frozen before (they are) disposed of," she said in her oral application. Meanwhile, Na'imah's lawyer Datuk Dr Gurdial Singh Nijar said he was "perplexed and disappointed" over the application as the MACC had never mention any respondent's name in its filing. "The order isn't just against the property but also against the person. This application cannot proceed as an ex parte. It has to proceed as an inter parte. I seek that this court make no order (on the freeze) until an inter parte application is heard," he said. Justice Muniandy then ruled that the application to intervene would be heard inter parte and fixed Aug 1 for hearing.
New Straits Times
39 minutes ago
- New Straits Times
HSS Engineers secures US$2.4mil design consultancy deal in India
KUALA LUMPUR: HSS Engineers Bhd (HEB) has secured a US$2.35 million (about RM10.05 million) contract for a container terminal development project in Tuna Tekra, India. The contract was awarded to its wholly owned subsidiary, HSS Engineering Sdn Bhd (HSSE), the group said in a filing with Bursa Malaysia today. Under the deal, HSSE will provide building information modelling (BIM) and engineering design consultancy services for the project. HEB said the letter of appointment was awarded by Ocean Lifespaces India Pvt Ltd for Package 2 of the design and build phase of the Hindustan Gateway Container Terminal Kandla Private Ltd project. The consultancy services are scheduled to start on June 16 and will span 28 months. Under the scope of work, HSSE will deliver preliminary and detailed engineering designs, supplementary BIM services and post-construction deliverables. The professional fees are milestone-based, with 30 per cent already received and the remaining 70 per cent to be paid progressively upon achieving specified project milestones. HEB said the project would be carried out in exclusive collaboration with HSS Integrated Sdn Bhd, an associate company, in line with their teaming arrangement. "(This project) represents a significant milestone for the group and aligns with its overarching growth strategy, including geographical expansion into India while complementing our core expertise in the transportation sector," it said. The group expects the project to contribute positively to its revenue and earnings from the financial years ending Dec 31, 2025, to Dec 31, 2027. It will be funded through a combination of internal funds and external borrowings.
Barnama
42 minutes ago
- Barnama
Alliance Bank Partners Jane Goodall's Roots & Shoots For Financial Literacy & Biodiversity Challenge Programme
From left: Alliance Bank's Head of Group Marketing & Branding, Shayne Koh, Alliance Bank's Chief Strategy & Transformation Officer, Dr. Aaron Sum, Roots & Shoots Malaysia President, T.P Lim and Roots & Shoots Malaysia Head of Education and Outreach, Peter Ong. Credit : Alliance Bank KUALA LUMPUR, June 23 (Bernama) -- Alliance Bank Malaysia Berhad (Alliance Bank) and Jane Goodall's Roots & Shoots Malaysia, a youth-led action programme, will collaborate on financial literacy and biodiversity awareness for schoolchildren over the next two years. According to a joint statement, the partnership, formalised today with the signing of a Memorandum of Understanding between the two parties, would begin with the 2025 AEIOU Financial Literacy and Biodiversity Programme in Sabah. The transformative initiative aims to nurture young leaders with practical money management skills and ecological awareness, and under the theme 'AEIOU for Responsible Living: Smarter Finances, Caring for Nature, Greener Choices', the programme would engage 160 pupils from 20 schools in Kota Kinabalu, Penampang, and Tuaran. 'The programme will be conducted through an immersive blend of physical and virtual workshops, project-based learning, and interactive simulations,' the statement read. Alliance Bank Group Chief Strategy and Transformation Officer, Dr Aaron Sum, was quoted in the statement as saying that, 'By teaching schoolchildren to make smart financial choices while understanding their impact on the environment, we're shaping a generation that's not just money-wise but planet-wise too'. Meanwhile, Roots & Shoots Malaysia President T.P. Lim said Roots & Shoots Malaysia had worked closely with local NGOs and corporate partners in Malaysia to co-create programmes for young people that connect the head to the heart, leading to long-term behavioural change, for the past ten years. 'In this unique collaboration, we are excited to work with the talented team from Alliance Bank and thrilled to have biodiversity knowledge being introduced to young school children in such a fun and engaging way,' he said. According to the statement, AEIOU, a flagship CSR programme by Alliance Bank, was first introduced in 2015 and had engaged over 150,000 primary school children over the span of seven editions, offering financial literacy workshops, biodiversity game simulation, and 'Biodiversity Challenge'. The use of comic storytelling, virtual currency, and eco-preneurship simulations further enhances engagement, making learning both meaningful and memorable.
