ADB raises annual lending to China to $2 billion mark

The Asian Development Bank is aiming to increase its sovereign lending to China to about $2 billion a year from 2016 to 2020, up from the annual average of $1.5 billion in the past five years.

"Our total lending, including lending to the private sector, will increase by about 50 percent in the coming years, up from $13 billion to $20 billion. If we keep the same ratio of increase here, our lending to China could also increase by up to 50 percent," ADB President Takehiko Nakao said on Monday.

The actual lending volume will depend on approval by the board of the bank of actual projects and programs, he said. In 2015, the bank's sovereign lending to China was $1.7 billion, accounting for 12 percent of its sovereign lending to all member countries.