ADB Board of Governors convenes first stage of 55th Annual Meeting

Saturday, 07/05/2022 10:38
(CPV) - The Board of Governors of the Asian Development Bank (ADB) approved ADB’s 2021 financial statements and net income allocation at the first stage of the bank’s 55th Annual Meeting on May 5th 2022.
Source: ADB

In February, the Board of Directors approved a two-stage Annual Meeting due to the continuing challenges posed by the coronavirus disease (COVID-19). The Business Session of the Annual Meeting will be continued in a second stage to be held later this year, including a discussion on strategies for the region to recover from the pandemic.

“ADB’s response to the pandemic maintained a clear focus on accelerating the transition to a green, resilient, and inclusive recovery because mitigating the impacts of the current crisis and addressing long-term development needs are not mutually exclusive,” said ADB President Masatsugu Asakawa. “Across our operations, we are building resilience and remaining vigilant against future crises. I am confident that, through our cooperation and careful planning, we will lead our region through the challenges and emerge stronger than before.”

The Board of Governors adopted a resolution to allocate USD1.16 billion of allocable net income from ADB's 2021 ordinary capital resources, USD29 million more than the USD1.13 billion reported in 2020. The increase resulted from higher income from lending operations and lower provision for credit losses.

The allocable net income will be distributed as follows: USD778.3 million to ordinary reserve to support ADB’s capital growth and provide an earnings base to generate income; USD292.4 million to the Asian Development Fund, which provides grants to ADB’s lower-income developing member countries; and USD90 million to the Technical Assistance Special Fund, which provides technical assistance grants to borrowing members to help prepare projects and undertake technical or policy studies./.

Khac Kien

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