THE Asian Development Bank (ADB) committed a record USD 31.6 billion in 2020 to help the Asia and the Pacific swiftly tackle the COVID-19 pandemic, support a sustainable recovery and address longer-term development challenges.

ADB’s Annual Report 2020, released on Tuesday, said they supported their Developing Member Countries (DMCs) through a year of "unprecedented challenges" by bolstering their health systems, protecting vulnerable groups, supporting small businesses, and laying the path for recovery."

"Looking ahead, as we support the region in its recovery from the pandemic, we will ensure that our DMCs rebuild smartly and sustainably," said ADB President Mr Masatsugu Asakawa.

The USD 31.6 billion ADB committed from its own resources in 2020 was 32 per cent higher than 2019’s USD 24.0 billion. These figures comprise loans and guarantees – including short-term trade finance, supply chain finance, and microfinance – grants, equity investments, and technical assistance, both to governments and to the private sector.

Just over half of the 2020 commitments, USD 16.1 billion, was targeted for pandemic response, and the rest was for helping DMCs to address the long-term development agenda, such as advancing gender equality, tackling climate change, and investing in quality infrastructure.

The USD 16.1 billion pandemic response was provided in various ways, most notably via a new COVID-19 Pandemic Response Option which had provided quick-disbursing fiscal support to 26 countries by the end of the year. Around USD 2.9 billion was for the private sector, which included direct support to companies, as well as through trade and supply chain finance to keep trade networks functioning.

In December, ADB also launched a USD 9 billion facility to support access to safe and effective COVID-19 vaccines and their equitable and efficient delivery.

To fund these record commitments, ADB implemented the largest borrowing program in its history, raising USD 35.8 billion, including through local currency bonds and green, gender, health, and water bonds. The bank also mobilised co-financing of USD 16.4 billion, which included USD 10.8 billion for COVID-19 response, from peer international organisations and private financial institutions.