The Asian Development Bank (ADB) operations for Asia and the Pacific reached an all-time high of $31.5 billion in 2016, a 17% increase from $26.9 billion in 2015, according to preliminary figures released Monday. 
Approvals of loans and grants for sovereign (government) and nonsovereign (primarily the private sector) operations by ADB itself reached a record $17.5 billion - a 9% increase from $16.0 billion in 2015. Non-concessional loans from ADB's Ordinary Capital Resources (OCR) amounted to $14.4 billion. Concessional loans and grants from the Asian Development Fund (ADF) reached $3.1 billion, with $2.6 billion going to loans and $518 million to grants. Technical assistance, meanwhile, increased by around 20% to $170 million from 2015's $141 million figure. 
Among ADB's operational highlights last year were the approval of several groundbreaking projects such as the contingent disaster risk financing in the Cook Islands, the first privately-financed solar project in Cambodia, results-based lending for an elderly care project in the People's Republic of China, the development of India's first coastal industrial corridor, and the $500 million counter-cyclical support to Azerbaijan. ADB's Office of Public-Private Partnership entered into three new transaction advisory mandates to prepare and structure PPP projects in 2016. 
The strong showing of ADB's operations was based on the larger financing capacity generated by the anticipated merger of the bank's two main financial instruments - ADF and OCR - which formally took effect on 1 January 2017. With this innovative reform, ADB's annual approvals of loans and grants will increase up to $20 billion by 2020. 
For the period 2017-2020, a successful ADF replenishment, concluded in May 2016, will allow ADB to substantially increase support to the region's poorest countries. The replenished ADF will also enable ADB to provide grant resources for disaster risk management and regional health initiatives. 
Total disbursements of ADB loans and grants reached $12.5 billion in 2016 - the highest ever. This strong performance is tied to the reforms ADB has implemented to fast track procurement and implementation processes. 
Co-financing also expanded, reaching $13.9 billion in 2016 from $10.7 billion in 2015, a growth of 29%. This is on the back of ADB's greater partnerships and collaboration with various development stakeholders in the Asia and Pacific region. 
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members-48 from the region