ADB continued to provide agile and tailored support to its developing member countries in 2021, balancing the need to address short-term COVID-19 response with ensuring longer-term pandemic recovery. ADB’s robust and reliable long-term partnerships played a major role in mobilizing financial resources and specialist knowledge during the pandemic.
“Through partnerships, we build strong alliances, promote knowledge-based solutions, and expand funding for our developing member countries. While many countries in the region continued to struggle with the COVID-19 pandemic, the focus is now increasingly turning to laying the foundation for a green, resilient, and inclusive recovery.” ~WooChong Um, ADB Managing Director General.
ADB’s financing partnerships can be “sovereign” in nature, i.e., driven by country needs determined by national governments of ADB member countries. They can also be “nonsovereign,” i.e., initiated by private entities, which may also be aligned with government priorities or respond to local concerns, such as microfinance, or regional concerns, such as digital health.
ADB and its financing partners pool financial resources, share in the risks involved, and combine knowledge and technical expertise in planning and implementing a development program or project. ADB offers full or partial administration of development assistance and programs cofinanced with partners.