ADB ramps up activity as new lenders enter the fray

Tokyo

THE operations of the Asian Development Bank (ADB) in Asia and the Pacific hit an all-time high of US$31.5 billion last year, a 17 per cent increase from the US$26.9 billion in the year before.

The Manila-based institution, releasing preliminary figures on Monday, said in a statement: "Approvals of ADB loans, grants, technical assistance and co-financing have been growing steadily over the years as development needs in the region continue to rise."

The step-up in ADB activity comes as the bank faces increasing competition from new lenders such as the Beijing-based Asian Infrastructure Investment Bank (AIIB) and the Shanghai-based New Development Bank, which is also known as the Brics bank. (Brics is the acronym for the five major emerging economies of Brazil, Russia, India, China and South Africa.) These new lenders have stressed the need for a priority focus on Asia's multi-trillion dollar infrastructure needs in coming years, but the ADB con…