ADB lent US$ 7.4 billion in 2006

The Asian Development Bank (ADB) approved US$ 7.4 billion in loans in 2006, a +28% increase over 2005, according to its Annual Report 2006, which was released ahead of its May annual meeting in Kyoto, Japan.

The report said, “sustainable economic growth was the most prevalent theme” in describing the general thrust of the 67 projects supported by the loans approved in 2006.

Grants approved in 2006 amounted to US$ 538 million, earmarked for 43 projects. This amount is less than half the US$ 1.1 billion in grants approved g in 2005, when more funds were needed to address the destruction following the December 2004 Asian tsunami and the earthquake that struck Pakistan in October 2005.

China received US$ 1.6 billion, or 21%, of the total loans the ADB made last year, making it the biggest loan recipient.

The finance sector was the top recipient of ADB loans last year, receiving US$ 1.8 billion, or 24%, of total loans, up from the US$ 261 million it received in 2005.

At US$ 1.4 billion, the transportation and communications sector received the largest share of loans the ADB provided in 2005.