ADB's loan approvals hit record high of $27 bn in 2015

To meet Asia's development needs, multilateral funding agency Asian Development Bank (ADB) approved a record $27.15 billion in loans during 2015, up 19 per cent from a year ago. "The Asian Development Bank's operations, comprising approvals of loans and grants, technical assistance, and co-financing, reached an all-time high of $27.15 billion in 2015," ADB said on Friday.

During the year, the approval of loans and grants towards government (sovereign) as well as private sector reached a record $16.58 billion, up 23 per cent from 2014.

While sovereign loan and grant approvals increased by 21 per cent to $13.95 billion, private sector approvals increased 37 per cent to $2.63 billion in 2015. Besides, technical assistance by the Manila-headquartered funding agency amounted to $144 million and co-financing increased by 13 per cent to a record $10.43 billion.

"Our record performance last year reflected strong and growing demand from the Asian and Pacific region," ADB President Takehiko Nakao said in the statement.