Manila [Philippines], May 10 (ANI): The board of governors at Asian Development Bank (ADB) has adopted a resolution to allocate 1.13 billion dollars in net allocable income from 2020 ordinary capital resources, the highest in ADB's history.
The 2020 net allocable income is 62.5 million dollars higher than in 2019, largely led by an increase in income from equity investments and sovereign lending operations.
ADB's ordinary reserve will be allocated 734.3 million dollars to support the bank's capital adequacy and provide an earnings base to generate net income. The Asian Development Fund which provides grants to ADB's low-income developing member countries (DMCs) will receive 292.4 million dollars.
The Technical Assistance Special Fund which provides a stable and predictable funding source for ADB's technical assistance will receive 90 million dollars, according to an official statement.
The Asia Pacific Disaster Response Fund which provides assistance to DMCs for life-saving purposes in the immediate aftermath of major disasters triggered by natural hazards will receive 15 million dollars.