Sign in Subscribe
Commercial banks

Asian Development Bank Devotes Energy to Easing Asia's 1998 Crisis

Strategic Insights

— 1 min read

The Asian Development Bank (ADB) released its Annual Report 1998, detailing its efforts to mitigate the effects of Asia's unprecedented economic crisis in 1998. The report highlights the bank's commitment to promoting economic growth, reducing poverty, and supporting human development in the region. The ADB's total lending in 1998 was approximately 6 billion U.S. dollars, a significant decrease from the 9.4 billion dollars in the previous year due to a substantial decrease in lending to the financial sector.

Key Takeaways:

  • The ADB devoted much of its energy to responding to Asia's economic crisis in 1998, emphasizing its five strategic objectives: promoting economic growth, reducing poverty, supporting human development, improving the status of women, and protecting the environment.
  • The bank's total lending in 1998 was approximately 6 billion U.S. dollars, down from 9.4 billion dollars in 1997 due to a decline in financial sector lending.
  • The financial sector received the largest share of lending, with nearly 1.7 billion dollars in 1998, down from 4 billion dollars in 1997.
  • The bank's cofinancing from all sources in 1998 was approximately 3 billion dollars for 24 projects, a 67 percent increase over 1997.
  • Cumulative ADB lending since its inception in 1966 totals approximately 77.3 billion dollars for 1,500 projects in 37 developing members.
  • The bank's cofinancing in 1998 was significant, with 950 million dollars allocated to Thailand's export financing facility, accounting for nearly 50 percent of the bank's total lending.

Statistics:

  • Total lending in 1998: approximately 6 billion U.S. dollars
  • Total lending in 1997: approximately 9.4 billion U.S. dollars
  • Amount of lending to financial sector in 1998: nearly 1.7 billion U.S. dollars
  • Amount of cofinancing in 1998: approximately 3 billion U.S. dollars
  • Total cofinancing from 1997 to 1998: a 67 percent increase
  • Cumulative ADB lending since 1966: approximately 77.3 billion U.S. dollars
  • Number of projects: 1,500 in 37 developing members

Sources:

  • XINHUA, "ADB Reports 1998 Economic Growth Eased in Asia", April 26
  • Asian Development Bank, Annual Report 1998, Released in 1998

Read more