ADB capital base to triple
30 April 2009
The Asian Development Bank's board of governors has agreed to triple the institution's capital base to US$ 165 billion from the current US$ 55 billion.
"This substantial increase is a resounding vote of confidence from our shareholders for what we can achieve as a premier development partner in the region. We must do all we can to prevent the reversal of hard won gains for our region in social and economic development, and in poverty reduction," said ADB president Haruhiko Kuroda.
The ADB says the increase in its resources will help it step-up the pace of development in Asia as well as mitigate against the impact f the global financial crisis.
It says about a quarter of the total population of ADB's developing member countries have no access to electricity. In many areas, less than 20% of the population has access to piped water, and in some areas less than 8% have access to sanitation. In addition, more than 30% of developing Asia's rural population does not have access to paved (all weather) roads.