Private sector transactions by the bank in 2019 are expected to create around 24,273 new jobs across the region
Programmes managed by The Asian Development Bank's (ADB) private sector operations achieved record volumes in 2019.
The operations reached $3 billion in 2019, lifting the overall portfolio by 11 percent to $13.6 billion, according to ADB's latest report titled "Private Sector Operations in 2019 - Report on Development Effectiveness."
"There were a record 38 new private sector projects committed in 2019, up from 32 the previous year," read an ADB press release issued today.
Private sector transactions by the bank in 2019 are expected to create around 24,273 new jobs across the region.
They would provide access to financial services for almost 2.7 million people as well as micro, small and medium-sized enterprises (MSMEs).
"Over 96 percent of these MSMEs are expected to be women or enterprises owned by women," the press release continued.
Approximately 12,400 farmers would benefit from improved livelihoods through agribusiness projects, while enough energy would be generated for 2.1 million average-sized households.
Nearly $7 billion of commercial cofinancing complemented ADB's direct financing, while $125 million was mobilised through transaction advisory services.
The Microfinance Risk Participation and Guarantee Programme facilitated $274.3 million in local currency loans to microfinance institutions throughout the region, benefiting low-income borrowers–particularly women.
The Trade Finance Programme supported transactions valued at $5.4 billion, while the Supply Chain Finance Programme facilitated transactions valued at $118.7 million–half of which was cofinanced with partner financial institutions.
"Reducing poverty and spurring prosperity across the region requires significant contributions from the private sector, and these results show that ADB is helping to make that happen," said ADB Vice-President for Private Sector Operations and Public–Private Partnerships Diwakar Gupta.
"In these challenging times, our support for the private sector is vitally important. ADB will continue to support crucial infrastructure and financial sector development. We will step up efforts to support the private sector in emerging areas like health, agribusiness and education–and in new and frontier markets including fragile and conflicted-affected situations," he added.