Asian Development Bank approved $10.5 bn in loans in 2008

Manila, April 17 (Inditop) The Asian Development Bank (ADB) Friday said that it approved a total of $10.5 billion in loans in 2008, the highest in its 42-year history.

India was the largest borrower with $2.9 billion, or 27.4 percent of the total loans extended last year.

The Manila-based bank said the rise in loans reflected the region’s ever-increasing demand for assistance to deal with the impact of the global economic crisis.

“ADB responded quickly to the global financial crisis, allocating over $4 billion of additional resources to support the efforts for its developing member countries,” bank President Haruhiko Kuroda said.

Loans with government guarantees totalled $8.7 billion for 72 projects last year. The bank also approved $811.4 million in grants in 2008, up 20.6 percent from the previous year.