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

It is an increase of about 19% over the $22.89 billion in 2014

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% 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, an increase of about 19% over the $22.89 billion in 2014," ADB said in a provisional data release today.

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% from 2014.

Out of the $16.58 billion, sovereign loan and grant approvals increased by 21% to $13.95 billion.

Non-sovereign (or private sector) approvals made a big leap from $1.92 billion in 2014 to $2.63 billion in 2015, ADB said.

Besides, technical assistance by the Manila-headquartered funding agency amounted to $144 million and co-financing increased by 13% 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.