The Board of Governors of the Asian Development Bank (ADB) today approved ADB’s financial statements and the allocation of its 2019 net income in its first-ever virtual annual meeting held amid the novel coronavirus (COVID-19) pandemic. The approval came at the first stage of the 53rd Annual Meeting of the Board of Governors-a Business Session among the Governors or their designated representatives from 68 members of ADB. The second stage of the Annual Meeting, including seminars with Governors and other senior government officials, members of the private sector, representatives of international organizations and civil society organizations, youth, academia, and the media, is currently scheduled for September 18-21, 2020 in Incheon, Republic of Korea. “Our immediate priority is to provide vital support to developing member countries as they confront the COVID-19 pandemic and return their economies to a path of sustainable growth,” said ADB President Masatsugu Asakawa in his remarks to the meeting, said an ADB press release. “Your approval today of the financial statements and allocation of net income ensure that we have the tools and financial stability to address the enormous challenges that now affect the lives and economies of millions of people across our region, he added. Chair of the Board of Governors, and Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Hong Nam-Ki said, “Our choice sand efforts today will determine whether we can overcome the current health care and economic crises.” “The ADB should turn this crisis into an opportunity, while enhancing knowledge sharing on COVID-19 policy responses and expanding support for low- income countries and vulnerable groups.”added the Deputy Prime Minister. The Board of Governors adopted a resolution to allocate USD 1.069 billion of net income, the highest in the bank’s history, from ADB’s 2019 ordinary capital resources. The 2019 net allocable income is higher than the USD 841.4 million recorded in 2018, due largely to an increase in income from lending operations and liquidity investments, as well as a drop in non sovereign loan loss provisions. The allocable net income will be distributed as follows: USD 615.7 million to the ordinary reserve to support ADB’s capital adequacy and provide an earnings base to generate net income; USD 259.5 million to the Asian Development Fund, which provides grants to ADB’s low-income member countries; $130 million to the Technical Assistance Special Fund, which provides a stable and predictable funding source for ADB’s technical assistance, as well as increased support to respond to the COVID-19 pandemic; USD 30 million to the Regional Cooperation and Integration Fund; $24 million to the Climate Change Fund; and USD 10 million to the Asia Pacific Disaster Response Fund. The release said Governors also approved the bank’s annual financial statements. ADB’s ordinary capital resources’ operating income totaled USD 1.1 billion in 2019, up from $889 million in 2018. The 2019 net income was $1.554 billion, up from USD 750 million in 2018. ADB is actively supporting its members as they address the effects of COVID-19 through its USD 20 billion response package announced on 13 April. ADB has approved a series of measures to streamline its operations for quicker and more flexible delivery of assistance.