World News | ADB Governors Approve USD 1.42 Billion in 2023 Allocable Net Income
Get latest articles and stories on World at LatestLY. USD 1.005 billion to ADB's ordinary reserve to support the bank's capital growth and provide an earnings base to generate income;
Tbilisi [Georgia], May 5 (ANI/WAM): The Board of Governors of the Asian Development Bank (ADB) today approved the bank's 2023 financial statements and a USD 1.42 billion net income allocation from its ordinary capital resources, the highest in ADB's history.
The 2023 allocable net income will be allocated as follows:
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USD 1.005 billion to ADB's ordinary reserve to support the bank's capital growth and provide an earnings base to generate income;
USD 292.5 million to the Asian Development Fund, which provides grants to ADB's poorest and most vulnerable developing member countries;
USD 110 million to the Technical Assistance Special Fund, which provides technical assistance grants to borrowing members to help prepare projects and undertake technical or policy studies; and
USD 15 million to the Asian Pacific Disaster Response Fund, which provides immediate post-disaster grants to developing member countries for restoring lifesaving services.
Allocable net income is defined as net income after appropriation of guarantee fees to the special reserve and certain adjustments reported in the cumulative revaluation adjustments account.(ANI/WAM)
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