Thailand
Cambodia received $18.4M from ADB trust funds in 2021
Cambodia received a total of $18.4 million for 23 projects as part of the Asian Development Bank’s trust fund, global fund, and special fund financing for projects and technical assistance, according to an ADB report.
The top three Developing Member Country (DMC) recipients of trust fund, global fund, and special fund financing for projects and TAs in terms of volume in 2021 were India ($41.5 million for 31 projects), Sri Lanka ($32.3 million for 15 projects), and Fiji ($27.9 million for 14 projects).
The South Asia Department ($41.2 million for 25 projects) and the Southeast Asia Department ($34.6 million for 23 projects) complete the top three recipients by the department in 2021, it said.
Some of the single-partner trust funds that provided assistance to Cambodia were the Australian Climate Finance Partnership, Canadian Climate Fund for the Private Sector in Asia II, Cooperation Fund for Project Preparation in the Greater Mekong Subregion and in Other Specific Asian Countries, Japan Fund for the Joint Crediting Mechanism, etc.
The ADB Trust Funds Report also said its 2021 donor contributions totalled $353.4 million, representing about a 49 percent decline from 2020 figures. It said that with the recovery from the coronavirus disease pandemic, the large donor contributions to ADB Trust Funds have eased.
“This change in partners’ contributions presents an opportunity to focus more on another issue that threatens continuing efforts to reverse poverty and promote economic opportunities across Asia and the Pacific — climate change. Climate change, including building climate and disaster resilience, is a priority in ADB’s Strategy 2030,” the report pointed out.
As of the end of December 2021, ADB is administering 44 trust funds and five special funds, and participating in six global funds, it said.
The bank is also managing seven financing partnership facilities (clean energy, community resilience, health, regional cooperation and integration, urban, water, and ADB Ventures).
It said three new trust funds were established during the year: the Artificial Intelligence and Digitalization and Innovation Fund, the Climate Action Catalyst Fund, and the Community Resilience Partnership Program Trust Fund under the newly created Community Resilience Financing Partnership Facility. Meanwhile, the Australian Technical Assistance Grant and the Integrated Disaster Risk Management Fund were closed last year.
ADB said its 2021 contributions comprised $330.7 million in new contributions and replenishments to 11 trust funds and one special fund and $22.7 million of additional allocations from two global funds.
Total financing for investment projects, technical assistance, and direct charges from ADB’s administered funds amounted to $283.9 million, a 63 percent decrease from the 2020 figure of $772.1 million.
“Disbursements for the project and direct charges expenditures in 2021 amounted to $489.9 million, approximately 22 percent higher than disbursements recorded in 2020, while administrative expenses amounted to $22.1 million. Administrative expenses included ADB service fees, external audit fees, staff consultants, business travel, financial expenses, and provision for credit losses, among others,” it said.
“In the aftermath of the 26th United Nations Climate Change Conference (COP26) and consistent with our continuing climate action, ADB is committed to elevating our climate finance ambition to $100 billion by 2030. With the support of our partners, ADB has made strides to achieve these goals. In 2021, ADB established three new trust funds and secured about $20 million of trust fund contributions that aim to decrease the rate of climate change as well as scale-up climate adaptation solutions at the community level,” Woochong Um, managing director general, ADB, was quoted as saying in the report.
Source: https://www.khmertimeskh.com/501145513/cambodia-received-18-4m-from-adb-trust-funds-in-2021/