Asian Development Fund

DEPARTMENT OF THE TREASURY | TITLE V

FY 2023 Recommendation No Less Than:

$53.32 M

FY 2022 Enacted: $53.32 M

FY 2023 President's Request: $43.61 M

FY 2023 Recommendation No Less Than:

$53.32 M

FY 2022 Enacted: $53.32 M

FY 2023 President's Request: $43.61 M

Description

The Asian Development Bank (AsDB) is composed of 68 member countries, 49 of which are in the Asia-Pacific region. The Asian Development Fund (AsDF) provides grants and concessional loans to the AsDB’s 25 lower-income developing member countries to reduce poverty and improve quality of life.

Use of Funds

The AsDB provides grants and concessional loans to support development projects and programs, including infrastructure, policy support and reform, production capacity, human development, environmentally sustainable investments, good governance, capacity building, and regional cooperation. Developing member countries (DMCs) eligible for grants include those lower-income, with a moderate or high risk of debt distress, and small island economies. Funds will go toward the second installment for AsDF’s 13th Replenishment (AsDF-13), which runs from 2021 to 2024. DMCs address key development issues, including regional health security, disaster risk reduction, climate change adaptation, and gender equality.

Justification

Since the beginning of the pandemic, AsDB has:
- Committed $17.5 billion to help its developing member countries address the impacts of COVID-19 and address vaccination needs.
- Mobilized $12.5 billion in co-financing from partners.
- Launched a $9 billion vaccine initiative—the Asia Pacific Vaccine Access Facility (APVAX)—to assist developing member countries deliver safe and effective vaccines.
Between 2018 and 2020, 89% of AsDB investments promoted gender equality, still well on track to achieve the target of 75% in 2030.
In 2020, AsDB provided $4.3 billion for climate change mitigation and adaptation.