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Annual Report 2001

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Board of Directors' Report
2001 Year in Review

For the Asian and Pacific region and the Asian Development Bank (ADB), 2001 was a year of great challenges and tragedies. It was a year when earthquakes shook India and Tajikistan; a harsh winter hurt Mongolia; and terrorism shocked the world. Exports, tourism, and foreign investment fell, and currency and equity markets became more volatile as the impact of 11 September hit consumer and investor confidence. It was a year of slow and uneven growth worldwide, a year when the external economic environment challenged many of ADB’s developing member countries (DMCs) at every turn. And, it was a year when ADB took up the challenge of reorganizing itself to meet the complex development needs of the region.

The year was also one of cooperation, consultation, and commitment; when nations united in the fight against terrorism; when multilateral organizations and governments, and the public and private sectors, banded together to meet the challenges of poverty. It was a year when the public and private sectors began to adapt their procedures and practices to meet international standards of accountability, transparency, and disclosure. It was a year when nations cooperated, when diversity and common goals were bridged through consultation and dialogue.

ADB met the challenges of 2001: strengthening itself with the approval of key policies and strategies, encouraging participation and broadening partnerships, and providing loan and technical assistance where needed.

In 2001, the Board of Directors (the Board) approved directly, or through authority delegated to the President, 76 loans totaling $5.3 billion, 3 equity investments worth $30.4 million, 257 technical assistance projects amounting to $146.4 million, and grants for 16 projects totaling $93.8 million. Emergency assistance was approved for earthquake-stricken Gujarat, India, and assistance for the DMCs affected by the aftermath of the 11 September events—including Afghanistan, Pakistan, and the Central Asian republics—was extended.

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