THE Board of Governors of the Asian Development Bank (ADB) on Wednesday approved the bank's annual financial statements and adopted a resolution to allocate USD 1.13 billion in net allocable income from 2020 ordinary capital resources, the highest in ADB's history.

The 2020 net allocable income is USD 62.5 million higher than in 2019, largely led by an increase in income from equity investments and sovereign lending operations.

ADB's ordinary reserve will be allocated USD 734.3 million to support the bank's capital adequacy and provide an earnings base to generate net income. The Asian Development Fund, which provides grants to ADB's low-income Developing Member Countries (DMCs), will receive USD 292.4 million.

The Technical Assistance Special Fund, which provides a stable and predictable funding source for ADB's technical assistance, will receive USD 90 million.

The Asia Pacific Disaster Response Fund, which provides assistance to DMCs for life-saving purposes in the immediate aftermath of major disasters triggered by natural hazards, will receive USD 15 million.

Action on its priorities in 2020 also saw the bank's total commitments reach a record USD 31.6 billion, with just over half supporting operations to respond to the COVID-19 pandemic.

"During the height of the pandemic, I reassured my staff that we will someday look back with pride at what we accomplished for the people of the region. I believe more than ever that this is true," said ADB President Mr Masatsugu Asakawa.

The balance was committed to address long-term development issues such as the gender equality gap, the impacts of climate change, and investments in quality infrastructure. These achievements were supported by record-high co-financing of USD 16.4 billion and record-high capital market borrowings of over USD 35 billion.