ADB approves 2020 administrative budget of $727 million

ANI
13 Dec 2019, 15:33 GMT+10

Manila [Philippines], Dec 13 (ANI): The Asian Development Bank (ADB) on Friday approved a 2020 administrative budget of 726.7 million dollars, marking 5.2 per cent increase over the previous year's net internal administrative expense budget.

The 2020 budget will support ADB's work programme which includes estimated commitments of 18.2 billion dollars for sovereign operations, 3.4 billion dollars for non-sovereign operations and 422 million dollars for technical assistance.

"ADB's 2020 budget will support the implementation of Strategy 2030. Our work programme is focused on the seven operational priorities set out in the strategy as well as operations quality, expansion of non-sovereign operations and providing high-quality knowledge solutions," said ADB President Takehiko Nakao.

"ADB is maintaining prudent budget growth by making the best use of existing resources and continuing to improve productivity and efficiency," he said in a statement.

The main cost drivers include an increase in staffing to deliver the bank's long-term strategic plan Strategy 2030, additional information technology requirements and support for resident missions.

ADB estimates that most of the increased staff will be for non-sovereign operations and related support, sovereign operations and additional skills required for the seven operational priorities under Strategy 2030.

The real-time ADB IT reform programme and the Digital Agenda 2030 will deliver benefits, in terms of quality, productivity, efficiency and cybersecurity.

In 2018, it made commitments of new loans and grants amounting to 21.6 billion dollars. Established in 1966, it is owned by 68 members of which 49 are from the Asia Pacific region. (ANI)

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