MANILA, May 9 (Bernama-Xinhua) -- The Asian Development Bank (ADB) announced it mobilised a record US$8.7 billion in non-sovereign cofinancing in 2024, underscoring the growing role of private sector engagement in advancing development across Asia and the Pacific.
The figure contributed to a total cofinancing amount of US$14.9 billion for the year, complementing the ADB's own investment of US$24.3 billion, the bank said in a media release.
"2024 saw a broad-based growth across all non-sovereign cofinancing modalities," the bank said, adding that long-term project cofinancing grew 3.3 per cent to US$3.4 billion, while trade finance, supply chain, and microfinance programmes rose 2.4 per cent.
Transaction volumes in trade and supply chain finance jumped from 21,400 in 2023 to 27,600 deals, reflecting stronger demand.
"Through bold actions, innovative solutions, and stronger partnerships, we are committed to driving progress, protecting the most vulnerable, and sustaining ecosystems for millions," said ADB Strategy, Policy, and Partnerships Director General Xinning Jia. - Bernama-XInhua
