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- ADB’s net allocable income hits $1 B
By Chino S. Leyco
The Asian Development Bank (ADB) approved a resolution allocating its largest net allocable income in history for this year as member countries require additional support to confront the coronavirus pandemic.
In a statement, the Manila-based financial institution said yesterday that the bank raised its net allocable income for 2020 by 27 percent to $1.069 billion from $841.4 million in the previous year.
According to ADB, the higher allocation was largely owing to an increase in income from lending operations and liquidity investments, as well as a drop in non-sovereign loan loss provisions.
Of the total allocable net income, $615.7 million was set aside for the ordinary reserve to support ADB’s capital adequacy and provide an earnings base to generate net income, while $259.5 million to the Asian Development Fund.
ADB is also allocating $130 million to the Technical Assistance Special Fund, which provides a stable and predictable funding source for ADB’s technical assistance, as well as increased support to respond to the COVID-19 pandemic.
Another $30 million was earmarked for the Regional Cooperation and Integration Fund, $24 million to the Climate Change Fund and $10 million to the Asia Pacific Disaster Response Fund.