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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.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/23/adbs-net-allocable-income-hits-1-b/)

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