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Annual Report 2002 : Operations

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Loans

Lending for both public and private sector operations in 2002 amounted to $5,676 million for 89 loans in 71 projects, compared with $5,339 million for 76 loans in 60 projects in 2001. The $337 million increase in total lending from 2001 to 2002 was largely due to a $272 million rise in ADF lending—of which $150 million went to Afghanistan as ADB resumed operations in the country after 23 years. The average loan size in 2002 was $64 million.

Of the total lending, loans with government guarantee were over $5,531 million for 67 projects, comprising $3,898 million for 32 loans from the OCR and $1,633 million for 53 loans from the concessional ADF. Of the public sector loan approvals, 15 were policy-based programs amounting to $1,685 million, representing 30.5% of total public sector lending. Of the program lending, $1,300 million or 77.2% will be funded by the OCR and $385 million or 22.8% by the ADF. Policy-based programs include prog- ram loans and program loan components of sector develop- ment program loans, provided to support DMCs’ effort to improve the policy, institutional, and investment environment, and help meet short-term adjustments costs. Lending to the private sector without government guarantee amounted to $145 million for four loans in four projects.

The largest borrowing DMC was India ($1,184 million, or 21% of total), followed by Pakistan, People’s Republic of China (PRC), Indonesia, and Viet Nam. The transport and communications sector received the largest share of loans, $1,613 million or 28.4% of total lending in 2002, followed by energy, finance, social infrastructure, agriculture and natural resources, multisector, and industry and nonfuel minerals. The “Others” sector received 14% of total lending. This includes projects not falling under the economic sector classification that ADB uses, such as central government administration, operation and regulation, customs operations, public sector reform programs, judicial and legislative operations, public finance management, fiscal reforms, environment projects, gender and governance, and tourism. For details, see tables 1–6 in the Statistical Annex.

The project mix of the 67 public sector loan projects and programs, based on a thematic classification, consisted of 18 projects (26.8%) supporting economic growth; 6 projects (9%) supporting human development; 3 projects (4.5%) supporting environmental protection; 2 projects (3%) supporting good governance; 1 project (1.5%) supporting gender and development as the main theme; and 37 projects (55.2%) classified as multithemes/others. Multithematic projects include a combination of two or more themes such as economic growth, environmental protection, good governance, private sector development, human development, regional cooperation, and gender and development. For more on lending, see http://www.adb.org/Finance/.

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