By Gokhan Ergocun
ISTANBUL (AA) - The Asian Development Bank used a budget of $20.5 billion last year in loans, grants, equity investments, guarantees, and technical assistance to help Asia and the Pacific in the recovery period of the COVID-19 pandemic.
The bank's budget for food security was at $3.7 billion in 2022, and $6.7 billion for financing for mitigation and adaptation initiatives, according to its annual report released on Monday.
"Although these remain challenging times for the region, I firmly believe that with our ongoing support, developing member countries will successfully navigate current crises and longer-term challenges as they build for a more prosperous, inclusive, resilient, and sustainable future," Masatsugu Asakawa, the head of the bank, said.
While the finance sector took the lion's share from the bank's assistance with $5.68 billion, transport ($4.34 billion) and public sector management ($3.72 billion) followed it.