$275.8 million in loans and grants from the ADB in 2019

Road construction funded by the ADB in 2019. ADB

The Asian Development Bank’s (ADB) released $33.74 billion of fund in 2019 for projects, programmes, and other development to support its developing members in Asia and the Pacific, of which $275.8 million was committed specifically in loans and grants to Cambodia, according to its annual report released yesterday.

The study, titled ADB: Annual Report 2019, provides a comprehensive account of the operational and financial results of the ADB in 2019 and the first full year the bank’s long-term corporate strategy, dubbed “Strategy 2030”.

In the report, ADB President Masatsugu Asakawa said, “I am encouraged by our efforts in 2019 and I am heartened by what we have achieved so far in 2020.”

“We will build on these achievements to ensure we remain relevant and responsive to our members’ needs as they take action to combat and recover from the COVID-19 pandemic,” he added.

ADB’s new commitments in 2019 included $21.64 billion in loans, grants, investments, and guarantees from its own resources to support the growth and development plans of its developing members. Disbursements in 2019, a key indicator of successful project implementation, reached a record $16.47 billion, a 16.1 percent increase from 2018.

The report also highlights milestone achievements of ADB in Cambodia wherein the bank has committed $275.8 million in loans and grants in 2019.

The projects loaned and granted by the ADB, include the National Solar Park Project of $7.6 million, Financial Sector Development Programme of $40 million, $60 million to develop human resources, $49 million for the Third Rural Water Supply and Sanitation Service Sector Development Programme and $119.2 for Irrigated Agriculture Improvement.

Credited: Khmer Times