At its annual meeting in Fiji last week, the bank’s governors allocated $841.4m in net allocable income from its 2018 ordinary capital resources – $151.3m more than in 2017.

The boost on the previous year is mainly due to rising operation income, partially offset by an increase in loan loss reserve requirements.

ADB’s ordinary reserve will be allocated $499m to support the bank’s capital adequacy and provide an earnings base to generate net income.

The Asian Development Fund – which provides grants to low-income member countries of the ADB – will receive $259.4m.

The Technical Assistance Special Fund – which finances one of main ways the bank assists its developing member countries –  will receive $80m.

The bank’s Financial Sector Development Partnership Special Fund – providing technical assistance and investment grant support focusing on finance sector development, inclusive finance, and infrastructure finance – is to receive $3m.

The ADB governors also approved the bank’s annual financial statements.

Operating income for ordinary capital resources reached $889m, a rise of $164m from 2017, and 2018 net income was $750m.

The bank’s new lending and grant operations in 2018 grew to a record $21.6bn compared to $13.9bn in 2013 – an increase of 55%.

ADB President Takehiko Nakao told the gathering in Fiji that responding to the changing needs of Asia and the Pacific will be at the centre of the ADB’s actions to implement its ambitious ‘Strategy 2030’.

ADB is preparing seven operational plans as well as action plans for private sector operations and knowledge management to advance Strategy 2030.