MANILA, May 8 (Xinhua) -- The Asian Development Bank (ADB) said on Thursday it mobilized a record 8.7 billion U.S. dollars 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 14.9 billion dollars for the year, complementing the ADB's own investment of 24.3 billion dollars, 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 percent to 3.4 billion dollars, while trade finance, supply chain, and microfinance programs rose 2.4 percent.
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.
