In a significant boost to development efforts, the Asian Development Bank (ADB) and its donors have replenished the Asian Development Fund (ADF) with a record $5 billion. This substantial increase in funding will primarily benefit the poorest and most vulnerable nations in the Asia-Pacific region, focusing on climate change adaptation, disaster relief, and gender equality initiatives.

The replenishment, agreed upon during ADB’s 57th Annual Meeting, represents a 22% increase from the previous cycle and solidifies the ADF as a critical resource for promoting sustainable development and poverty reduction in the region.

ADB President Masatsugu Asakawa emphasized the importance of this commitment, stating, “Grants are more important than ever as our poorest and most vulnerable members seek to reverse recent development setbacks and take urgent action to combat the climate crisis.”

With this funding, ADB is poised to significantly expand its support for small island developing states, fragile and conflict-affected countries, and other nations facing pressing development challenges.