Manila, Feb 18 : The Asian Development Bank (ADB) announced on Tuesday that it has approved a plan to scale up its operations by 50 per cent over the next decade, leveraging its existing capital base to enhance its development impact across Asia and the Pacific.

The Capital Utilisation Plan (CUP) outlines a pathway for increasing the ADB's annual financing commitments from $24 billion in 2024 to more than $36 billion by 2034.

According to the bank, this expanded financing will bolster the efforts of ADB's developing members to address critical development priorities in the region.

The ADB said the plan would increase the bank's lending commitments over the next two to three years.

Under the plan, nonsovereign operations are expected to grow at an accelerated pace, rising from 20 per cent to 27 per cent of commitments over the decade, while sovereign operations will expand at a moderate pace with a more balanced and diverse portfolio, Xinhua news agency reported.

The ADB is a regional development bank established on 19 December 1966, which is headquartered at 6 ADB Avenue, Mandaluyong, Metro Manila 1550, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia. The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE), and non-regional developed countries. Starting with 31 members at its establishment, the ADB now has 69 members.

The ADB was modelled closely on the World Bank and has a similar weighted voting system, where votes are distributed in proportion to members' capital subscriptions. ADB releases an annual report that summarises its operations, budget, and other materials for review by the public.

/IANS