Philippines, May 7 -- The Asian Development Bank (ADB) mobilized a record $8.7 billion in nonsovereign cofinancing in 2024, underscoring the growing role of private sector engagement in advancing development across Asia and the Pacific. This milestone contributed to a total cofinancing amount of $14.9 billion for the year, complementing ADB's own investment of $24.3 billion.2024 saw a broad-based growth across all nonsovereign cofinancing modalities. Long-term project cofinancing grew by 3.3% to $3.4 billion, while trade finance, supply chain, and microfinance programs rose 2.4%. Transaction volumes in trade and supply chain finance jumped from 21,400 in 2023 to 27,600 deals, reflecting stronger demand. A key project was the Gulf Solar and ...