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ADB Annual Report 1998

ADB Annual Report 1998

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The 1998 Annual Report of the Board of Directors to the Board of Governors reviews ADB's operations, projects, internal administration, financial management, and funding. The report also contains chapters on regional highlights and economic developments. The report includes the complete financial statements, a statistical annex, and appendixes.
The 1998 Annual Report of the Board of Directors to the Board of Governors reviews ADB's operations, projects, internal administration, financial management, and funding. The report also contains chapters on regional highlights and economic developments. The report includes the complete financial statements, a statistical annex, and appendixes.

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Published by: Asian Development Bank on May 21, 2013
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Overview
1
Overview
Introduction
N
ineteen ninety-eight was a difficult and damaging year forAsias economies. Following 1997s precipitous falls in thecurrency and equity markets of the newly industrializedeconomies and Southeast Asian countries, toward the endof 1998, currencies generally stabilized and stock marketsrecovered. However, throughout the Asian and Pacific region economicgrowth was sharply curtailed, and the economies of several countries,notably Indonesia, contracted. The social costs of the Asian financialcrisis became evident, and could yet increase further.Throughout 1998, the Bank devoted much of its energy to respond-ing to Asias unhappy and unprecedented circumstances. It liaised closelywith its members, as well as with the International Monetary Fund, theWorld Bank, and other multilateral and bilateral agencies to develop andeffect the most appropriate responses.The Bank continued to emphasize its five strategic objectives: promotingeconomic growth, reducing poverty, supporting human development, im-proving the status of women, and protecting the environment. However,the sharp change in the socioeconomic environment and outlook meantreconsideration of the ways of realizing the objectives and of the balanceamong them. It meant, in particular, more detailed and extensive workin the areas of financial market regulation and reform, and of gover-nance. In all its activities, the Bank further con-solidated its position as an institution thatprovides a broad range of services and advice toits members, not just financial resources, to helpthem restore or improve the living standards of their peoples.Total lending in 1998 amounted to about$6billion for 57 projects, compared with $9.4bil-lion the previous year when lending had beenboosted by an exceptionally large financial sec-tor program loan of $4billion to the Republic of Korea. The financial sector again received thelargest share of lending (nearly $1.7billion).Borrowings amounted to $9.6billion, the largestever in one year.Cofinancing mobilized from all sourcesamounted to about $3 billion for 24projectsincluding $950 million for Thailands ExportFinancing Facilityclose to 50 percent of theBanks total lending. This level of cofinancing,
The Bank's Social Protection Sector Development Program in Indonesia is providing junior secondary scholarships to students (about half are awarded to girls) who otherwise would have to drop out of school because of financial difficulties. When completed, the program will benefit about 1.5 
 
2
ANNUAL REPORT 1998
a 67percent increase over that in 1997, was significant given the difficultmarket conditions.The Board of Directors approved policies on anticorruption, coopera-tion with nongovernment organizations, indigenous peoples, gender anddevelopment, and graduation of developing member countries (DMCs) fromconcessional lending and from regular Bank assistance. It also reviewed theterms for lending from the Asian Development Fund (ADF).
Loans by Sector, 1998
$ Million %
Financial1,675.5028.01Transport andCommunications1,496.7025.02Multisector939.0015.70Social Infrastructure705.0411.78Energy440.007.35Agriculture andNatural Resources420.867.04Others301.005.03Industry andNonfuel Minerals4.420.07
Total5,982.52100.00
 Bank Operations
$ Million
%
19971998
Change
LendingOCR7,794.424,995.38(35.91)ADF1,619.62987.14(39.05)
Total Lending9,414.045,982.52(36.45)
Equity Investments74.2962.44(15.95)Technical AssistanceGrants
a
162.00163.200.74
Total9,650.336,208.16(35.67)
( ) Negative.a Includes regional activities.
Lending and Investment Modalities, 1997 and 1998
19971998Number ofNumber oLoans$ MillionLoans$ Million
LENDINGProject533,145.72332,530.30Program5510.008927.50Sector9689.003160.00Credit Lines6591.104122.60Technical Assistance12.60313.00Private Sector withoutGovernment Guarantee245.007136.12Sector DevelopmentProgram
a
154,430.6282,093.00
Total Lending919,414.04665,982.52
EQUITY INVESTMENT674.29662.44
aA lending window that combines a program loan; project, sector, or technical assistance loan; or credit line.
Children tend to lose in thecompetition for diminishing resources. Often they areneglected by busy parents trying to make both ends meet. TheBank looks after the welfare of this vulnerable group by supporting policy reforms to develop skills and create jobs for laid-off workers, and improvechildrens access to health,education, and other basic social services.
 
Overview
3
Also during the year, Tajikistan joined the Bank, bringing the numberof members to 57; and the Board of Governors approved the membershipapplication of Turkmenistan.The Sri Lanka Resident Mission, which commenced operations inOctober1997, was opened officially by the Banks President in 1998. TheKazakhstan and Uzbekistan resident missions began operations in 1998.The Bank chaired consultative group meetings for Kiribati, MarshallIslands, and Federated States of Micronesia.The 31
st
Annual Meeting of the Board of Governors was held in Geneva,Switzerland from 29 April to 1 May 1998.
Operations
Cumulative Bank lending since the Bank commenced operations in 1966 tothe end of 1998 amounted to $77.3 billion for 1,500 projects in 37DMCs.
Lending:
Lending for both public and private sector operations was nearly$6 billion for 66 loans in 57 projects, compared with last years level of $9.4billion for 91 loans in 75 projects. This reflects a decrease of 36.4per-cent in dollar amount and 24 percent decrease in number of projects. Thedecrease in dollar amount is largely a result of the extraordinarily highlending level in 1997, owing to a single large financial sector program loanto the Republic of Korea. In 1998, loans from ordinary capital resources(OCR) decreased by 35.9percent to about $4.9 billion, while loans fromADF decreased by 39.1 percent to $987.1million.Of the total lending, loans with government guarantee amounted to$5.8 billion for 51projects, comprising about $4.9 billion from OCR and$987.1million from ADF. Lending to the private sector without governmentguarantee amounted to $136.1 million for seven loans.
 Equity investments
:
 
The Bank approved six equity investments in theprivate sector amounting to $62.4 million. The Banks equity operations,which began in 1983,reached a cumulative totalof $614.7million.
Guarantee operations
: TheBank provided partial creditguarantee under two projectsin Sri Lanka and Thailandfor a total of over $1.1billion.
Technical assistance
: TheBanks technical assistanceoperations are financedthrough grants and loans, ora combination of both.In 1998, 248 technicalassistance grants totaling
Overview
3

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