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Annual Report 2002
Undertaking its workMeetings and approvalsThe Board of Directors met formally on 57 occasions, and held 21 informal meetings in 2002, including briefings, discussion seminars, and presentations. The Board approved a total of $5.7 billion for 89 loans covering 71 projects, compared with loan amounts of $5.3 billion for 76 loans covering 60 projects in 2001. This represented an increase in lending of nearly $337 million. Of this, $272 million was accounted for by loans from the Asian Development Fund (ADF), and $65 million from ordinary capital resources (OCR). The higher level of ADF lending resulted, for the most part, from a $150 million loan to Afghanistan. The remaining increase was mainly in loans to Bangladesh and Sri Lanka. The increase in OCR lending resulted from higher lending to Indonesia, Pakistan, and Uzbekistan. In keeping with its mission to reduce poverty, 41% or 38 projects in 2002 were categorized as poverty interventions. The largest share of loans went to the transport and communications sector. The Board also approved directly, or through authority delegated to the President, a total of 324 technical assistance grants amounting to $179.0 million, of which $56.0 million came from OCR current income, $46.7 million from the Technical Assistance Special Fund, $36.4 million from the Japan Special Fund, $9.6 million from the Asian Currency Crisis Support Facility, and the remaining $30.3 million from other multilateral and bilateral sources. This represented a 23% increase over 2001 (255 grants worth $145.5 million). For more on loans and technical assistance, see the Operations chapter and the Statistical Annex. In their informal meetings, the Directors examined a range of issues, including the Inspection Function review, the reorganization, and knowledge dissemination. MembershipPortugal and Timor-Leste joined ADB in 2002, bringing the total membership to 61. For a list of regional and nonregional members, see page xv. United NationsADB achieved Observer Status at the United Nations General Assembly in February 2002. 35th Annual Meeting of the Board of Governors The People’s Republic of China (PRC) was host to over 3,000 participants, comprising government delegations, bankers, representatives from multilateral and bilateral institutions, civil society including nongovernment organizations, and media, at ADB’s 35th Annual Meeting of the Board of Governors in Shanghai. Delegates attended thematic seminars and country presentations prior to the Governors’ business sessions from 10 to 12 May. The Governors reviewed ADB’s 2001 activities and discussed the outlook for ADB’s developing member countries. They endorsed the implementation of the Poverty Reduction Strategy, ADB’s reorganization, and proposals to enhance ADB’s country focus, as well as its continuing efforts to promote regional cooperation. Echoing the importance of regional cooperation, PRC President Jiang Zemin pledged his country’s continued support of, and involvement in, cooperation initiatives. The Governors agreed on the need for Asian economies to continue with structural reforms, capacity building, and improved governance if they are to attain sustainable growth. The challenge of environmental degradation and the importance of the private sector in development were also underscored. For a list of ADB annual meeting locations, see Appendix 3. World Trade OrganizationAn MOU between ADB and the World Trade Organization (WTO), signed in 2002, supports ADB’s efforts to promote the economic and social development of DMCs through trade and integration. In its first major activity under the agreement, ADB approved a regional technical assistance to help DMCs better understand and implement the WTO trading system. A high-level meeting on the WTO trading system for negotiators and an intensive course on trade facilitation were completed in 2002 (see http://www.adb.org/Documents/Events/2002/WTO_Trading_System/). Supporting the Board The Office of the Secretary provides advice and counsel to the Board of Governors, Board of Directors, and Office of the President. Its other principal functions are to help organize the Annual Meeting; plan the calendar of the Board of Directors and organize and facilitate meetings of the Board and its Standing Committees; edit, classify, and circulate Board documents; administer the terms and conditions of engagement of Management and the Board; process applications for ADB membership; administer the Inspection Function; and provide protocol support and services.
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