Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only €10,99/month after trial. Cancel anytime.

    ADB Annual Report 2010
    ADB Annual Report 2010
    ADB Annual Report 2010
    Ebook371 pages3 hours

    ADB Annual Report 2010

    By Asian Development Bank

    ()

    Read preview

    About this ebook

    The 2010 Annual Report of the Board of Directors to the Board of Governors of the Asian Development Bank (ADB) reviews ADB's operations, projects, internal administration, financial management and includes a separate report on the activities of the Special Funds of ADB. The report also contains chapters on regional, sectoral and thematic highlights. It also includes the complete financial statements and opinions of the independent auditors, a statistical annex, and appendixes.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateApr 1, 2011
    ISBN9789290922896
    ADB Annual Report 2010

    Read more from Asian Development Bank

    Related to ADB Annual Report 2010

    Related ebooks

    Economics For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Bretton Woods For The South

      Oct 27, 2023

      Bretton Woods For The South
      6 min read

    • Article

      Building Financial Resilience

      Aug 18, 2023

      THE CURRENT ECONOMIC epoch is fascinating, and India’s exceptional achievements make the country stand out. The country has successfully handled several challenges, including healthcare issues during the Covid-19 outbreak and recent events in Europe,

      3 min read

    • Article

      Financing, Markets And Good Infrasructure Crucial To Inclusive Agri Growth

      Sep 9, 2022

      South Africa’s agricultural fraternity has spent the past few months drafting a growth strategy that should see it make more rapid gains than it had since 1994. The sector has more than doubled in value since 1994, but there has been little growth in

      3 min read

    • Article

      Time for Action

      Jan 23, 2020

      Time for Action
      3 min read

    • Article

      Make Your Intent Clear

      Aug 7, 2020

      why is impact measurement and reporting such a challenge for investors? After all, they have the necessary frameworks, tools, and metrics to support this process. Could this be a function of the fact that in some instances, the effect cannot easily b

      3 min read

    • Article

      Itc: Stakeholder Value Through Purposeful Performance

      Aug 30, 2024

      Address by Shri Sanjiv Puri, Chairman & Managing Director, ITC Limited Edited Excerpts 113th Annual General Meeting, ITC Limited, July 26, 2024 Every new beginning evokes new hopes and aspirations. As the NDA 3.0, led by the Hon'ble Prime Minister, S

      13 min read

    • Article

      The Growth Question | Budget 2019

      Jul 12, 2019

      Six experts weigh in on Finance Minister Nirmala Sitharaman's maiden budget and assess if enough has been done to put a flagging economy back on track. Q. How would you categorise this budget? Is it a growth budget? Will it stimulate the economy? A.

      16 min read

    • Article

      Grading Business Sectors

      Sep 7, 2019

      Grading Business Sectors
      12 min read

    • Article

      Interim Results Announcement

      Dec 18, 2020

      Naspers Limited (Registration number: 1925/001431/06) (Naspers or the group) JSE share code: NPN ISIN: ZAE000015889 LSE code: NPSN ISIN: US6315122092 www.naspers.com September 2020 marked the first anniversary of the listing of Prosus on the Euronext

      8 min read

    • Article

      Mining Local Demand

      Aug 19, 2021

      The performance of India’s economy during the past few quarters has been good, despite the considerable uncertainty created by the second wave of Covid-19. Notwithstanding these continuing challenges, the country looks set to register impressive grow

      5 min read

    • Article

      Go For A Vibrant Bond Market

      Aug 19, 2021

      The pandemic has not only altered the country’s economic trajectory, it has also brought to the fore the need to focus on social infrastructure. For long, nature has been warning us to shift towards sustainable growth models. Government policy and di

      5 min read

    • Article

      Fuelling Economic Growth

      Feb 6, 2020

      Fuelling Economic Growth
      16 min read

    • Article

      The Delivery Deficit

      Feb 8, 2020

      ASHOK GULATI, Infosys Chair Professor, Indian Council for Research on International Economic Relations MAITREESH GHATAK Professor, London School of Economics D.K. JOSHI Chief Economist, Crisil AJIT RANADE Chief Economist, Aditya Birla Group J

      9 min read

    • Article

      Accelerating the Ease of Doing Business

      Aug 2, 2024

      THE UNION BUDGET 2024-25 showcases the government’s commitment to creating an investor-friendly environment by simplifying regulations, enhancing transparency, reducing entry barriers, and streamlining operations to drive economic growth. The Budget

      3 min read

    • Article

      Long-term Agri Growth Depends On Commitment Of Various Role Players To Implement Reforms

      Oct 22, 2021

      South Africa’s agriculture sector is in good shape and is likely to maintain a positive growth trajectory through to 2022. The favourable weather conditions, strong export activity, and relatively higher commodity prices will remain critical catalyst

      3 min read

    • Article

      Stability Powers Progress

      Dec 23, 2021

      The essence of China’s economic policy for 2022 is to “prioritize stability while pursuing steady progress,” as signaled by the annual Central Economic Work Conference which took place from December 8 to 10. This shows that the Chinese Government has

      1 min read

    • Article

      Budget Overhaul Long Overdue

      Feb 28, 2021

      GOVERNMENTS in most developing countries use medium-term expenditure frameworks as fiscal policy instruments to match the imperatives of policy, planning and budgeting over the medium-term horizon. South Africa adopted the framework in 1998. Countrie

      3 min read

    • Article

      Budget Overhaul Long Overdue

      Feb 28, 2021

      GOVERNMENTS in most developing countries use medium-term expenditure frameworks as fiscal policy instruments to match the imperatives of policy, planning and budgeting over the medium-term horizon. South Africa adopted the framework in 1998. Countrie

      3 min read

    • Article

      Keeping A Steady Course

      Feb 5, 2022

      Keeping A Steady Course
      6 min read

    • Article

      How Omnia Turned The Tide

      Aug 10, 2020

      How Omnia Turned The Tide
      4 min read

    • Article

      PSUs PROPEL TO PROFITS

      Sep 13, 2024

      PSUs PROPEL TO PROFITS
      10 min read

    Related categories

    Reviews for ADB Annual Report 2010

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      ADB Annual Report 2010 - Asian Development Bank

      THE RECORD

      ($ million)

      − = nil.

      Note: Totals may not add up because of rounding.

      aAdjustments and terminations prior to signing are reflected (for 2010: loan = $239.3 million; guarantee = $71.7 million; grant = $0.6 million; technical assistance = $0.2 million).

      bIncludes loans/grants/guarantees arising from multitranche financing facilities.

      cIncludes Asian Tsunami Fund (ATF), Pakistan Earthquake Fund (PEF), Climate Change Fund (CCF), and Asia Pacific Disaster Response Fund (APDRF).

      dIncludes the $150 million approved in 2003 (OCR loan of $45 million and partial credit guarantee of $105 million).

      e2010 Trade Finance Program transactions were conducted subject to the 2009 Board approval.

      fStarting 2006, cofinancing statistics indicate direct value-added cofinancing: cofinancing with administrative or collaborative arrangements with ADB.

      gIncludes reimbursable TA for Brunei Darussalam amounting to $0.6 million and $0.8 million in 2008 and 2010, respectively.

      hProjects with multiple loans, or with combination of public and private lending are counted once. Cumulative number of projects excludes supplementary loans. Grants and technical assistance with multiple fund source are counted once.

      iIncludes count for an earlier approved loan with supplementary financing in the current year.

      jFrom 2009 onwards, amount includes unamortized discounts/premiums, transition adjustment, translation adjustment, and ASC 815 adjustment on swapped borrowings.

      kIncludes cumulative effect of ASC 820/825 adoption amounting to $227.5 million, as an adjustment to the 1 January reserves.

      lIncludes reclassification relating to Due from Contributors of $2,185.6 million as of 31 December 2009 from Assets to Fund Balances under Nonnegotiable, Noninterest-bearing Demand Obligations on Account of Contribution.

      mNet of $90.0 million, which was transferred to Japan Fund for Poverty Reduction in 2002.

      CHAPTER 1

      MESSAGE FROM THE PRESIDENT

      If Asia’s vast potential is to be fulfilled, it must rebalance growth to reduce reliance on external markets, which will strengthen resilience against future crises. Developing Asia must also promote public–private partnerships to meet infrastructure needs and to ensure that development is both inclusive and environmentally sustainable.

      Developing Asia moved beyond the economic crisis to emerge as a new engine of global growth in 2010. Our estimates show that the region’s gross domestic product increased by 9.0% in 2010, more than double the global growth rate during the same period and well above the 5.9% rate recorded in the region a year earlier.

      While the speed and strength of its economic recovery surprised many, the region still faces daunting challenges. Asia and the Pacific remains home to millions of the absolute poor. Widening income and non-income disparities among and within countries further accentuated the contrast between the two faces of Asia—one that has emerged as a beacon of hope and one that is being left behind. While the region as a whole is likely to achieve the Millennium Development Goal (MDG) of halving extreme poverty by 2015, several countries are lagging on the non-income MDG targets.

      As the region moves beyond economic recovery to sustained growth, it must ensure that the evolving growth paradigm becomes more inclusive to benefit as many people as possible. According to an ADB study, 14 out of 20 developing Asian economies saw their Gini coefficients—a measure of inequality—increase in recent years as economic growth accelerated. Ensuring growth is inclusive will require greater investment in education and health, particularly for the poor; expanded social protection, including in the informal sector and rural households; and developing rural infrastructure to connect the poor to markets and enable them to participate in the growth process.

      Asia also needs to focus on environmentally sustainable growth. In a world of scarce and finite resources, it is critical to ensure that we leave a sustainable environment and development legacy to future generations. Climate change and climatic volatility are serious threats to the region’s development. Rising sea levels and higher temperatures can have dramatic effects, forcing large numbers of mostly poor to migrate. Sustainability cannot be achieved unless the region moves onto a low-carbon, climate-resilient development path that embraces both mitigation and adaptation.

      ADB is committed to supporting these efforts. In 2010, ADB prepared plans to guide operations in climate change, sustainable transport, and education. ADB’s operations totaled $17.5 billion, including $3.7 billion from cofinancing partners. In addition, ADB’s ongoing Trade Finance Program supported $2.8 billion in trade. Business processes were simplified and restrictions lifted on additional financing so that well-performing projects can be prioritized and expanded—reflecting ADB’s focus on operations that deliver the best results. In addition, a midterm review of the Asian Development Fund concluded that solid progress had been made on implementing its strategic agenda. This included stronger assistance for countries in fragile and conflict-affected situations, as well as increased support for regional cooperation and integration to reap the benefits of increased intra-regional trade and commerce.

      Of course, much remains to be done to reduce disparities within and among the region’s developing economies. Massive investments will be necessary in both the social sector and—crucially—infrastructure. We estimate that $8 trillion will be needed to support infrastructure development during the coming decade, according to the ADB-ADBI publication, Infrastructure for a Seamless Asia. That figure far exceeds current investment levels; it will require innovative methods of resource mobilization from development partners across the region.

      Given the several years of high growth Asia has enjoyed and its increasing influence in the global economy, many are saying that the 21st century belongs to Asia. But I always stress that success is never preordained. If Asia’s vast potential is to be fulfilled, it must rebalance growth to reduce reliance on external markets, which will strengthen resilience against future crises. Developing Asia must also promote public-private partnerships to meet infrastructure needs and to ensure that development is both inclusive and environmentally sustainable.

      The historic Millennium Declaration of 2000 promised a better life for millions of poor in Asia and the Pacific. How well this promise is fulfilled depends on our steadfast efforts. ADB remains committed to working tirelessly with its developing member countries and development partners to ensure greater progress in the years ahead.

      Haruhiko Kuroda

      President and Chairman

      Board of Directors

      CHAPTER 2

      BOARD OF DIRECTORS

      Asian Development Bank (ADB) approvals, including cofinancing, totaled $17.51 billion in 2010. The Board of Directors continued to seek new ways for ADB to assist its developing member countries in addressing challenges and making progress toward the Millennium Development Goals. The Board undertook wide-ranging strategic initiatives, including the appointment of a vice-president for private sector and cofinancing operations. The Board also endorsed a comprehensive new human resources policy, assessed a proposal to streamline additional funding to successful projects, and endorsed country partnership strategies for Kiribati, Papua New Guinea, and Tajikistan.

      OVERVIEW OF THE BOARD’S ACTIVITIES IN 2010

      The Board of Directors is responsible for the overall direction of ADB operations, including the approval of policies, loans, technical assistance, grants, and guarantees. The Board also approves the annual budget and borrowing program. As their representative, the Board plays a vital role in seeing ADB shareholders’ guidance is implemented.

      In 2010, the Board of Directors addressed the challenges facing Asia and the Pacific by continuing to guide and support the implementation of Strategy 2020, while overseeing execution of the reform agenda that emerged from the fifth general capital increase and the ninth replenishment of the Asian Development Fund. The Board took steps to position ADB to improve its development effectiveness, especially in the core areas of Strategy 2020, and to strengthen institutional governance.

      To support the strategic objective of expanding private sector operations, the Board approved the appointment of Lakshmi Venkatachalam to the newly created post of vice-president for private sector and cofinancing operations.

      A Board-Management working group was set up to review the Accountability Mechanism, which was established in 2003 to give people affected by ADB-assisted projects a forum to seek solutions to problems. The review is expected to be completed in 2011.

      The Board discussed the 2009 Development Effectiveness Review, the third annual assessment of ADB’s corporate performance. Executive directors also discussed a proposal to refine ADB’s results framework, which is at the core of the annual review, to make it a better management tool in guiding the implementation of Strategy 2020. The Board continued to monitor ADB’s performance through its oversight of the Independent Evaluation Department (IED).

      The Board reviewed a proposal to streamline additional financing to projects that are being successfully implemented in order to boost ADB’s development effectiveness. Executive directors also discussed and provided feedback on the review of ADB’s policy-based lending program.

      The Board approved the capital expenditure for a new risk management system intended to more efficiently measure, consolidate, and evaluate market and credit risk exposures—a key area as ADB expands private sector operations.

      To improve ADB’s institutional effectiveness and accountability, the Board continued to focus on internal reforms. The executive directors discussed and endorsed Our People Strategy, a comprehensive plan to recruit, retain, and develop the staff ADB needs to carry out its mission of reducing poverty. This followed an ADB-wide consultation process guided by the Human Resources Committee of the Board.

      The Board discussed the comprehensive review of salaries and benefits of international staff, the first such appraisal in 5 years. Executive directors also guided the review of ADB’s Public Communications Policy (2005); the review was launched in February 2010 and is expected to be completed by mid-2011.

      In 2010, total approvals by the Board, including loans, grants, technical assistance, credit enhancements, and cofinancing, exceeded $17.51 billion. The Board also approved 12 new multitranche financing facilities totaling $4.4 billion.

      The Board deliberated on ADB’s budget and borrowing program for 2011; the rolling Work Program and Budget Framework (WPBF), 2011–2013; and the 3-year rolling work program and 2011 budget of the Asian Development Bank Institute (ADBI).

      It approved loan charges and the allocation of 2009 net income, and reorganized its work to improve sequencing of key elements of ADB’s work program and budget cycle.

      In addition, the Board endorsed country partnership strategies for Kiribati, Papua New Guinea, and Tajikistan. The country partnership strategy maps out ways for ADB to most effectively assist its developing member countries, given each country’s challenges and priorities. It also enables ADB to evaluate their development performance over the strategy period.

      BOARD GROUP VISITS AND OTHER MEETINGS

      Members of the Board made three visits around the region to get firsthand views of ADB projects and their impacts, and to meet senior government officials, development partners, private sector leaders, and other stakeholders.

      From 27 January to 10 February, a group visited India and the Maldives. Another group visited Nauru and Timor-Leste from 5 to 15 June. A third group went to Armenia, Azerbaijan, and Georgia from 22 September to 6 October. These visits strengthened ADB’s relationship with development partners and generated valuable feedback.

      In September, the Board and Management participated in a 1-day retreat covering two important topics: Asia’s water crisis and public-private partnerships.

      BOARD COMMITTEES

      Audit Committee

      The committee assists the Board with oversight of financial reporting and audits, including internal controls and audits, risk management, and ADB-related anticorruption and integrity efforts. In 2010, the Board approved revisions to the committee’s terms of reference to reflect its expanded role in risk management and to strengthen its oversight of internal audit and investigation functions.

      The committee closely monitored the separation of ADB’s internal integrity function from the Office of the Auditor General (OAG) and the establishment of the Office of Anticorruption and Integrity. It was also regularly briefed on the work of those two offices, as well as on the work of the Office of Risk Management.

      The committee made recommendations to the Board on the principles for selection of an outside auditor, a commitment made during discussions on the fifth general capital increase. The committee reviewed the key findings of the outside auditor and OAG.

      The committee reviewed ADB’s financial statements and attestation process. It sharpened its focus on information technology audits. The committee also discussed the audits of resident missions and representative offices.

      The committee met 14 times.

      Budget Review Committee

      The committee discussed the President’s planning directions to prepare the WPBF, 2011–2013, and noted the imperative for ADB to refocus on key long-term challenges for Asia and the Pacific—inclusive growth, environmentally sustainable growth, and regional integration—while continuing to monitor the impacts of the financial crisis on poverty and social aspects. The committee also discussed the progress of 2010 programs of operations.

      The committee met with the vice-presidents on the highlights of the draft WPBF, 2011–2013. The committee acknowledged the need for further work and additional funds for climate change mitigation and adaptation operations in the Pacific, and welcomed the significant increase in resources for education. It recommended that ADB focus more on achieving the target of having private sector development and private sector operations account for 50% of annual operations by 2020. The committee also recommended support for mainstreaming gender initiatives, and suggested more attention be paid to the health sector, where needed.

      The committee discussed in detail for the first time the draft WPBF, 2011–2013, and appreciated more in-depth discussion on issues concerning the Millennium Development Goals. The committee discussed the 2011 draft budget document and noted that ADB has strongly pursued efficiency. The committee confirmed that the 2011 budgets for ADB, IED, and ADBI are consistent with the work plans and appropriate for consideration by the Board.

      The committee met 11 times.

      Compliance Review Committee

      The committee consists of six Board members: four regional members, at least three of whom are from borrowing countries, and two nonregional members. It is responsible for clearing the Compliance Review Panel’s proposed terms of reference and the schedule for each review authorized by the Board, as well as the panel’s draft reports monitoring the implementation of any remedial actions approved by the Board. During 2010, the committee cleared the fifth and final annual monitoring report for the Chashma Right Bank Irrigation Project (Stage III) in Pakistan and the fourth such report for the Southern Transport Development Project in Sri Lanka.

      The committee considered the content of its 2008–2009 annual report, and it convened a meeting with the Compliance Review Panel and another with external experts assisting the ongoing review of the Accountability Mechanism (see also Chapter 4). The chair of the committee also leads the joint Board-Management working group conducting that review.

      The committee met three times.

      Development Effectiveness Committee

      The committee continued to support the Board of Directors in assessing the quality and impact of ADB’s country and sector operations by discussing selected major evaluation reports produced by IED. At the country level, the committee deliberated on IED’s recommendations on assistance to Bhutan and the Lao People’s Democratic Republic. For a more comprehensive assessment, it also discussed related sector assistance program evaluations for energy and transport. These discussions aimed to provide inputs for the preparation of the next country partnership strategies.

      The committee remained focused and supportive of the priorities of Strategy 2020, discussing IED evaluation of crosscutting issues related to gender and development, and climate change. It also discussed special evaluations of operations in fragile and conflict-affected situations, and on water policy and related operations, with the view that ADB should continue to improve its policies and strategies in these areas.

      To ensure that ADB’s policies and procedures, and projects and programs, reflect the lessons learned from evaluation activities, the committee noted IED’s annual report on 2009 portfolio performance. To supplement this, the committee discussed IED’s evaluation of the sustainability of ADB’s projects after completion. In monitoring how IED recommendations are implemented, the committee noted IED’s 2010 annual evaluation review, and its 2009 annual report concerning actions taken on its advice.

      The committee met nine times.

      Ethics Committee

      The Board

      Enjoying the preview?
      Page 1 of 1