The Asian Development Bank (ADB) is a multilateral development finance institution
founded in 1966 to promote social and economic progress in its developing member
countries in Asia and the Pacific (see ADB’s website: http://www.adb.org/about/main).
2.2 ADB’s principal functions are
- lending funds,
- providing grants,
- providing technical assistance and advisory services,
- promoting investments for development purposes, and
- assisting in coordinating the development policies and plans of developing
member countries.
Inquiries
2.3 Loan disbursement is handled by the Loan Administration Division of the Controller’s
Department.
2.4 For loan service payments and billing matters, inquiries are addressed to the
Accounting Division of the Controller’s Department.
Loan or Grant Regulations
3.4 The regulations4
further set out conditions for the use of loan or grant proceeds
financed by ADB, or proceeds administered by ADB.
5
These documents are expressly
incorporated in the associated loan agreement, guarantee agreement, or grant
agreement. If any provision of a loan agreement, guarantee agreement, or grant
agreement is inconsistent with a provision of these regulations, the provision of the
loan agreement, guarantee agreement, or grant agreement governs.
Loan Documents
3.5 Loan documents
6
include the following documents and agreements:
ȕ Thereport and recommendation of the President to the Board of Directors
(RRP) presents the project proposal for consideration by the ADB Board.
ȕ Theproject administration manual (PAM)
7
includes all the information and
schedules describing project implementation and project readiness filters
covering major preproject implementation actions (e.g., government approvals,
procurement, and resettlement) to ensure a rapid start-up and enable early
disbursement. It is mandatory
8
that the PAM be referenced in the RRP and in
the loan (or facility) agreements, is presented as a stand-alone linked document
to the RRP, and serves as the main document describing implementation details.
The PAM is prepared in the course of loan processing and initially agreed with
the government at the loan fact-finding stage. At loan negotiations, the borrower
and ADB shall review and confirm the PAM agreed during loan fact-finding to
ensure consistency with the loan agreement, and such confirmation shall be
reflected in the minutes of the loan negotiations. The detailed cost estimate by
financier (one schedule included in the PAM) is prepared based on Section J6 of
the ADB Operations Manual (Appendix 3A).
9
Related illustrative tables are also
provided in this handbook (Appendix 3B).

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11.6  Direct payment, commitment,3 and reimbursement
4
procedures may be used, as
appropriate (Chapters 7–9).
11.7  ADB may approve the use of the imprest fund procedure (Chapter 10) under FILs.
The advance to the imprest account should not exceed 6 months’ estimated cash
flow required for payments to be made to sub-borrowers for eligible subprojects.
The imprest account may be maintained in a separate bank account, or separate
account of DFIs or PFIs with fiduciary arrangements acceptable to ADB.
11.8  ADB may approve the use of the statement of expenditures (SOE) procedure
(Chapter 9)
5
to spare the borrower, DFI, or PFI the trouble of attaching voluminous
documentation for numerous and small amounts of individual payments for
subloans to WAs. The SOE ceiling, if any, for the nonsubmission of full supporting
documentation may be established at the free limit agreed for the FIL. The SOE form
for this purpose is shown in Appendix 9C.
11.9   If an individual payment amount exceeds the SOE ceiling, if any, appropriate
supporting documents (e.g., invoices for subproject, subloan agreement) should be
submitted to ADB.
POLICY-BASED LOANS
Purpose of the Policy-Based Loan
11.10  ADB provides policy-based lending in the form of budget support in conjunction
with structural reforms and development expenditure programs of a developing
member country (DMC). It is also used to provide balance-of-payments
assistance during economic and financial crises. ADB makes policy-based loans
6
only to DMC governments. In general, policy-based loans (i) are linked to the
implementation of policy reforms and are disbursed quickly, and (ii) have sector-wide
and economy-wide impacts.
3
For instance, direct payment (or commitment letter) to sub-borrowers may be used for paying subproject
expenditures incurred.
4
For instance, reimbursement to EA, DFI, or PFI may be used if EA, DFI, or PFI has already paid subloans.
5
Formerly, the simultaneous authorization and withdrawal (SAW) procedure was also used. The use of the
SAW procedure, if so stipulated in a loan agreement, is not superseded by the revision of this handbook.
6
Refer to Sections D4/BP and D4/OP of the Operations Manual (ADB. 2011. Policy-Based Lending. Operations
Manual.Manila). The term “policy-based loan” as used in this chapter also refers to policy-based grants,
unless the context requires otherwise.
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