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ADB Records Over $16 Billion in Cofinancing in 2023

MANILA, PHILIPPINES (15 May 2024) — The Asian Development Bank (ADB)’s partners committed $16.4 billion in cofinancing in 2023, up by 44% from the previous year. This bolstered ADB’s efforts to tackle the complex challenges faced by developing member countries, as reported in ADB’s Partnership Report 2023: Climate Action, Sustainable Development.

“Working hand in hand with partners, ADB is accelerating climate action and sustainable development in the Asia and Pacific region,” said ADB Managing Director General Woochong Um. “We are boosting renewable energy with Southeast Asia’s biggest wind power plant, the Monsoon wind power project, in the Lao PDR. We are integrating climate adaptation and mitigation measures into major transportation projects, for example, with Vanuatu’s inter-island shipping project.”

New partners include the Global Energy Alliance for People and Planet and the International Finance Facility for Education. ADB also established new financing partnerships in 2023, including the Innovative Finance Facility for Climate in Asia and the Pacific and the Ocean Resilience and Coastal Adaptation Financing Partnership Facility.

ADB and its partners also place people’s quality of life center stage. In the Philippines, ADB is expanding quality health services by improving efficiency and accountability. ADB is also working to improve educational equity and access for children with disabilities in Mongolia. In the context of a rapidly aging Asia, ADB is also helping Bangladesh, Indonesia, Malaysia, Sri Lanka, Thailand, and Viet Nam determine ways to improve the quality of life for their older populations.

ADB mobilized resources from diverse sources, including 15 bilateral and 7 multilateral organizations, 5 global funds, 29 trust funds, as well as from the private sector. Cofinancing for sovereign projects reached $9.5 billion in 2023, while cofinancing for nonsovereign operations reached $6.9 billion in 2023.

The Partnership Report 2023 is fully digital, providing easy access to featured stories and videos on cofinanced projects, profiles of financing partners and their contributions, and updates on ADB-managed trust funds.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, ADB is owned by 68 members—49 from the region.