The Asian Development Bank (ADB) committed $24.3 billion from its own resources in 2024, alongside $14.9 billion in co-financing with partners, to support development efforts across Asia and the Pacific.

The bank’s annual report, published on Thursday, outlined details of the financial commitment. The multilateral lender said the funding would help its developing member countries progress towards sustainable, inclusive, and resilient development.

According to the report, the ADB’s 2024 commitments included loans, grants, equity investments, guarantees, and technical assistance directed to both governments and the private sector.

The report also noted a significant increase in private sector engagement. The bank allocated $4.8 billion to private sector projects and programmes—an increase of 28.5% compared with 2023—building on efforts that generated 1 million direct jobs during the year.

ADB President Masato Kanda said the institution was delivering tangible outcomes through targeted investment. “With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,” he said.

He added that the bank’s priorities included financing more affordable and efficient energy and transport systems, strengthening social services in health and education, and supporting job creation through private sector development.

The ADB, founded in 1966, continues to play a central role in regional development financing, partnering with governments and other institutions to respond to evolving economic and social challenges.