The United States has expressed its approval of the productive Annual Meetings of the Asian Development Bank (ADB) and the successful replenishment of the Asian Development Fund (ADF-14) and the Technical Assistance Special Fund (TASF-8). The ADF is a crucial support for the poorest and most vulnerable countries in Asia and the Pacific, including small island developing states in the Pacific, as well as Afghanistan and Myanmar.
With a pledge of $174.4 million, subject to Congressional authorization and appropriation, the United States has emerged as the third largest donor to ADF-14. The US government commends all donors and ADB Management for their robust support towards this historic $5 billion replenishment.
In a world grappling with escalating impacts of climate change, high debt burdens, and geopolitical turmoil both regionally and globally, ADF-14 will provide critical support to maintain hard-won development gains while accelerating economic development. Resources from ADF along with complementary technical assistance from TASF will build debt management capacity. They will also deliver transformative and high-quality projects with strong monitoring, safeguards, and value for money procurement, supporting long-term inclusive sustainable growth in the region.
The ADB Governors also reflected on progress made on ADB’s evolution journey. This includes financial reform measures that will unlock $100 billion in new financing headroom over the next 10 years – a 40 percent increase – and the design of new innovative instruments. Moving forward, a key priority will be stepping up private sector development and private capital mobilization in support of the region’s development aspirations.
Assistant Secretary for International Trade and Development Alexia Latortue stated these views on May 10th 2024 during her remarks on the Asian Development Bank Annual Meetings and Asian Development Fund Replenishment.
