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Annual Report 2005 ASSOCIATION OF DEVELOPMENT FINANCING INSTITUTIONS IN ASIA AND THE PAC

MISSION To advance sustainable development by strengthening the development finance function and institutions, enhancing capacity of members, and advocating development finance innovations.

VISION Through the provision of development finance services by its members, ADFIAP envisions a future of lasting economic, environmental and social development and growth in the region, with its people as the ultimate beneficiary.

On the Cover: Moving towards its 30th year as a focal point for financing development in the Asia-Pacific region, ADFIAP takes a fresh approach to its mandate on sustainable development. The theme for this annual report, "Growing the Field," captures the tangible results of ADFIAP's transformation in 2005--from preparing the field through strengthening advocacies and alliances, to planting the seeds among members, nurturing growth through active dialogues with

CONTENTS The ADFIAP Story

2005 ADFIAP BY THE NUMBERS

Growing the Field:

Message from the Chairman

and Secretary General

Preparing the Field

Planting the Seeds

Nurturing Growth

Reaping the Fruits

Board of Directors

Members

Financial Statements

Secretariat

THE ADFIAP STORY "The philosophy of financing development was borne out of the realization and conviction that the region is richly endowed with indigenous resources ... We have to rely a great deal on our regional capabilities and strengths in the spirit of mutual cooperation." Vicente R . Jayme, Founding Chairman

THE STORY OF ADFIAP started in Manila in 1969, when the Asian Development Bank (ADB) gathered development bankers at its Fourth Regional Conference of Development Financing lnstitutions of Asia and the Pacific.

The ADB was instrumental in planting the germ of an idea to form a regional association of DFls to bring institutions together in the pursuit of a common philosophy of development.

The plan gained further momentum in Paris in 1970 during the United Nations Industrial Development Organization Bankers' Meeting. The Asia-Pacific DFls that attended the meetings in Caracas elected Abol Gasem Kheradjou, H.F.G. Leembruggen, and Baldev Pasricha to draft a constitution for the proposed association of DFls in the region.

On October 1, 1976, the Association of Development Financing lnstitutions in Asia and the Pacific (ADFIAP) was born. A total of 31 DFls that attended the Sixth ADB Regional Conference in Manila signed a memorandum of agreement and adopted the constitution of the non-stock, non- profit organization.

"Our keen desire for so many years to organize ourselves and share the task of improving our institutions and nations through mutual cooperation in development financing finally became a reality that day," said Vicente R. Jayme, who was the founding chairman.

The first years of ADFIAP were marked with big challenges. DFls in the region had to face a tidal wave of devaluations, corporate bankruptcies, and a drought of cheap development funds from the World Bank and

the ADB. These issues shaped the discussions in ADFIAP's

first annual meetings held in Bangkok in March

1978. Members saw the need to diversify

capital resources and intensify tra~ning for development bankers.

The Bangkok meetings clarified the direction of the professional and technical development

programs of DFls. Various

recommendations for training and upgrading

of DFI personnel skills emerged, many of which

culminated in the training

programs currently being conducted by ADFIAP's Institute of Development Finance.

By 1981, ADFIAP held its fourth annual meetings in Sydney with a more focused agenda for development financing. This agenda has been shaped, realigned, and continues to be perfected as development financing takes on a broader meaning and DFls perform much larger roles in societies. By this time ADFIAP became a founding member of the World Federation of Development Financing lnstitutions (WFDFI) that comprises similar associations in Africa, Latin America and the Middle East.

For the next decade, ADFIAP saw the dramatic evolution of DFls in the region. As members transformed and adapted to their operating environments, so did ADFIAP. The Association re-crafted its mission statement in 1999 and 2004 to be relevant to the times.

Now gearing up for its 29th annual meetings in Colombo, Sri Lanka, with a membership that has grown to 64 institutions in 32 countries, ADFIAP lives up to its commitment to continue promoting the accomplishments of its members, while also supporting them with new resources and enhanced tools to carry on their mission to attain sustainable development.

2 1 ADFIAP ANNUAL REPORT 2005

Jan Feb Mar Apr May Jun July Aug Sept " I

ADFIAP ANNUAL REPORT 2005 ( 3

GROWING THE FIELD

2005 IS A MILESTONE YEAR FOR ADFIAP. The Association's financial resources grew six times--the highest in its recent history.

efforts of active members and the contribution of donors and partners, ADFIAP has made great strides in its transformation into a 21st century organization whose main advocacy is sustainable development. Membership was at

its fastest pace, with one

1 new member V a month,

In 2005, two major trailblazing programs on this advocacy were undertaken. The European Union (EU), through its EU-Asia Pro Eco Programme, supported ADFIAP with a €346,446 grant for its Environmental Governance Standards (EGS) project to promote the greening of the financial sector in the region.

bringing the total to 6 4

institutions in 32 7

countries. ADFIAP's partnership with renowned international organizations also multiplied. The Association also made its mark for delivering new and greatly enhanced information resources and services to members and partners.

ADFIAP also launched the SME Finance Initiative with the United Nation's International Trade Centre and ADFIAP's Malaysian counterpart, ADFIM. This was to help small and medium enterprises gain access to financial and technical assistance from member- banks.

Imagine what a year can do. And what having a strategic plan to stay focused and lead the development finance community into the sustainability field can do. With the continuing support of the Board of Directors, the

ADFIAP also continued to enhance its good governance initiative with the support of the Center for International Private Enterprise (CIPE). For three years in a row, CIPE has provided the Association with grants to institutionalize good governance practices in member- institutions. Out of this partnership, a Corporate Governance Rating System for development banks and other financial institutions has been published and distributed to members and affiliates.

2005 was also a banner year / for ADFIAP as it continued to

provide quality communication to , stakeholders-from its publications and website to invitations to speak in significant and prestigious forums such as the United Nations Environment Programme Finance Initiative (UNEPIFI)

I Global Roundtable at the UN Headquarters in New York City in October. ADFIAP is Co-chair of the UNEP/Flls Asia-Pacific Task Force Outreach Group.

u AMBASSADOR JESUS P. TAMBUNTING Chairman

OCTAVIO B. PERALTA Secretary General

These accomplishments are the result of the extraordinary efforts of ADFIAP's supportive Board of Directors, its talented and devoted members around the region, and its strong and competent Secretariat staff in Manila.

Each is an integral link in the continuing chain of the Association's progress and its

ADFIAP ANNUAL REPORT 2005 1 5

PREPARING 1 I

THE FIELD FOR several years now, ADFIAP has been building partnerships with international organizations, firmly believing that forging ties is key to carrying out its mission. These linkages have made ADFIAP a mainstream organization that advocates sustainable development in the Asia-Pacific region.

2005 saw the Association laying the groundwork for greater cooperation and fostering advocacies in the areas of corporate governance, financing the development of small and medium enterprises, the environment, and socially responsible investing.

In its 62nd meeting in Hanoi in June 2005, the ADFIAP Board of Directors cited the benefits of partnerships in bringing like- minded international development organizations together.

Ambassador Jesus P. Tambunting, chairman of ADFIAP, believes these partnerships lend credibility to the Association in terms of quality membership and services.

Among ADFIAP's international partners are the following:

The United Nations Environment Programme s

Finance lnitiative (UNEPIFI);

Japan's Association for Overseas Technical Scholarship (AOTS);

The Washington, D.C.-based Center for lnternational Private Enterprise (CIPE);

The United States-Asia Environmental Partnership (US-AEP);

Germany's Capacity Building lnternational (InWEnt); and recently,

The European Union's Asia Pro Eco Programme.

Global alliances For the second time in a row, ADFIAP was a supporting organization of the United Nations Environment Programme's Finance lnitiative (UNEPIFI) 2005 Global Roundtable held October 25- 26, 2005 at the United Nations Headquarters in New York City.

The UNEPIFI Global Roundtable is recognized as the biggest event on sustainability in the finance sector and attracts over 500 leading professionals each year. The 2005 Roundtable carried on a tradition that dates back a decade, and has spanned the globe-from Chicago to Frankfurt, from Rio de Janeiro tc Tokyo.

The Geneva-based lnternational Trade Centre UNCTADIWTO (ITC);

Last year's roundtable focused on the issues of carbon and responsible investment under the theme of environmental risks and opportunities for financial institutions. Panel sessions and in- depth workshops at the roundtable addressed topics relevant to the region and to the world. These included: carbon finance; materiality of environmental, social and corporate governance issues; transparency; reporting and accountability; and microfinance.

Towards sustainabilit y The year also saw ADFIAP's active promotion of its main advocacy of financing sustainable development.

With funding support from InWEnt (Capacity Building International, Germany), ADFIAP helped organize two international seminar- workshops on the topic Strategies for Financing Sustainable Development.

One was held in Bangkok on July 13-1 5, 2005 in cooperation with TMB Bank, and another was in Jakarta on August 24-25, supported by Bank Jabar.

Participants were senior officers of banks and financial institutions, as well as government agencies and non-government organizations involved in development work in Cambodia, Vietnam, Laos, the Philippines, Indonesia, and Thailand. All showed great interest in learning about Socially Responsible lnvesting (SRI),

Corporate Social Responsibility (CSR), Triple Bottom Line lnvesting (TBLI) and how these approaches can be integrated in the lending activities of their institutions. Participants also learned how to develop their action plans and avail of opportunities in their respective banklcountry setting.

Dr. Robert Rubinstein, founder and CEO of Amsterdam-based USA Brooklyn Bridge-TBLI Group, was the main resource person for both seminars.

Dr. Bandid Nijathaworn, deputy governor of the Monetary Stability Bank of Thailand, and Dr. Somchai Sujjapongse, deputy director-general of the Fiscal Policy Office Ministry of Finance graced the Bangkok seminar as presenters.

FINANCING SUSTAINABILITY. Seminar organizers In WEnt, represented by regional program director Olaf Neussner; and ADFIAP secretary-general Octavio B. Peralta

Programme. The EGS is an 18- month, €346,446 grant project that seeks to promote the greening of the financial sector in the region through the development and application of environmental governance standards in member- development financial institutions (DFls).

Germany's Wuppertal Institute for Climate Change, Environment and Energy (WI) and UK's Sustainability

Green money True to its mandate of promoting environmental due diligence in banking, ADFIAP also undertook initiatives that promote one of its core advocacies. In August 2005, the Association broke new ground when it successfully launched the Environmental Governance Standards (EGS) Project under the aegis of the European Union (EU) through its EU-Asia Pro Eco

Research Institute, and the School of Earth & Environment (SRI) at the University of Leeds conducted two research studies-one on environmental performance monitoring and the other on environmental rating standards.

ADFIAP prepared the Asia background report that discusses the current environmental

ADFlAP ANNUAL REPORT 2005 1 7

management policies and practices of member-banks, as well as best case applications by "greenbanks" in the region.

The studies were presented at the Technical Expert Conference in Manila last November 10-1 1, 2005. About 20 environmental officers of member-banks and other financial institutions participated in the event that resulted in further fine-tuning of tools to be developed under the project, i.e., the Environmental Performance Monitoring Program (EPM) and the Environmental Rating Standards for Loan Appraisal and Project Finance (ERS).

Seeing Green On March 11, 2005, the Association teamed up with the Asia-Pacific Roundtable for Sustainable Consumption and Production (APRSCP) for the Greening of the Financial Sector Forum II at the Dusit Hotel Nikko in Makati City, Philippines. The forum highlighted the need for good environmental governance as part of sound business management. Representatives from the World Bank, the International Finance Corp., and the Asian Development Bank, as well as Philippine banks such as state-owned Land Bank of the Philippines and the Development Bank of the Philippines, came to speak at the forum.

Keynote speaker during the forum was Assistant Governor Diwa Guinigundo of the Bangko Sentral ng Pilipinas (Philippine central bank). ADFIAP chairman and Planters Development Bank chairman and CEO, Ambassador Jesus P. Tambunting and Dr. Olivia Castillo, APRSCP chairperson and president, delivered the opening remarks.

The forum was also supported by the Chamber of Thrift Banks, the Bank Marketing Association of the Philippines, and the First Philippine Holdings Corporation.

Carbon funding ADFIAP also partnered with its member, the Development Bank of the Philippines (DBP), klima- Climate Change Center, and the Inter-Agency Committee on Climate Change (IACCC) in holding the Carbon Finance Forum II: Exploring Carbon Market Opportunities on June 22, 2005 at the DBP Head Office in Manila.

The forum was attended by about 200 participants from various banks and financial institutions, project proponents, NGOs and the academe. It explored different financing schemes for Clean Development MechanismlCDM) projects in the Philippines and discussed how to overcome the barriers in accessing project and carbon finance.

CARBON FUNDING. Among those who graced the DBP carbon finance forum were Undersecretary Ramon Paje of the Department of Environment and Natural Resources of the Philippines, DBP Chairman Vitaliano Naiiagas, and Ambassador Jesus P. Tambunting, Chairman & CEO, Planters Development Bank ana ADFIAP Chairman.

8 1 ADFIAP ANNUAL REPORT 2005

Various presentations by experts from the Japan Carbon Fund, the ADB, EcoSecurities, Germany's KfW and DBP provided the participants with an overview of CDM finance as well as discussed market facilities to support projects that reduce greenhouse gas emissions, particularly carbon.

BOOST TO SMEs. More than 50 participants listened to the presentations of ADFIAP secretary general Octavio B. Peralta; In WEnt 's Laurissa Muehlich; PlantersBank 's Maria Bernadette Ratcliffe and Victor Abainza; Neou Thara of the Ministry of Industry, Mines & Energy; Franz Dietrich of EXERPLAN Germany; Klaus Jurgen Maibach of Germany; and Leng Bunlong of the Mekong Private Sector Development Facility.

MILESTONE EVENT: Launching of the Environmental Governance Standards IEGS) Project in Asia under the EU-Asia Pro Eco Programme on August 22, 2005 at the PlantersBank Building in Makati City, Philippines

Revving up SMEs Recognizing the importance of small and medium enterprises (SMEs) as the backbone for economic development and growth in the region, ADFIAP teamed up with the Association of DFls in Malaysia (ADFIM) and the Geneva- based International Trade Centre UNCTADIWTO (ITC) t o officially launch the SME Finance Initiative (SMEIFI).

The SMEIFI will serve as knowledge and business network among development banks and other specialized financial institutions to address specific issues on financing SMEs.

The signing of the memorandum of understanding for the SMEIFI was held in Kuala Lumpur during the CEO Forum on SMEs on September 12-1 3, 2005 and was witnessed by Y.B.Tan Sri Nor Mohammed Yakcop, Minister Finance II of the Malaysian government, and Ybhg. Datuk Zamani Abdul Ghani, Deputy Governor of Bank Negara Malaysia, the country's central bank.

SME speak Members also gained exposure in best SME practices when ADFIAP and Germany's InWEnt (Capacity Building International) held a national symposium on SME finance in Phnom Penh, Cambodia

on May 30-June 3, 2005. The event, made in cooperation with the Rural Development Bank of Cambodia (RDB), sought to familiarize Cambodian banks and other financial institutions on the modalities of financing SMEs based on the experiences and expertise of Philippine-based Planters Development Bank.

Among the topics discussed were the critical role of SMEs in the economic development of Cambodia, key factors in designing an effective program on fostering closer coordination between the

sources and users of SME funds, the appraisal and evaluation of business loan applications, and design and implementation of an effective loan supervision and monitoring.

The event also served as a venue for ADFIAP and InWEnt to gauge the need of Cambodian financial institutions for more capacity building.

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ADFIAP ANNUAL REPORT 2005 ( 9

PLANTING SEEDS

A patchwork of sugar cane fields welcomed the biggest-ever delegation to the annual meetings of ADFIAP held in Nadi, Fiji last May 10 to 13, 2005.

Hosted by the Fiji Development Bank and the Fiji National Provident Fund, the 28th ADFIAP Annual Meetings gathered 123 delegates from the Association's growing roster of member-institutions, speakers and guests. Fiji Prime Minister Laisenia Qarase welcomed the delegates.

The conference, which carried the theme DFls: Investing into the Future, produced 2 0 speakers from various international organizations. They tackled issues on corporate governance, risk management, small and medium enterprises (SMEs), environmental due diligence, among other things.

The meetings included the 16th General Assembly Meeting, the 61st Board of Directors Meeting, and the 28th ADFIAP Conference.

I t was also during the event when the credentialing program of ADFIAP's Institute of Development Finance (IDF) was launched. Delegates also crafted the Fiji Forward Agenda that encapsulates the program directions and aspirations of the Association.

Aside from the business meetings, the hosts gave guests a taste of Fijian culture and hospitality.

And the winners are.. . The 28th Annual Meetings in Fiji also served as venue for the much- awaited ADFIAP Welcome Dinner and Awards Night held at the Fiji Sheraton Hotel in Nadi, Fiji on May 11, 2005.

On its eighth year, the ADFIAP Awards Programme was born in Manila when ADFIAP hosted the Summit on Development Finance in 1997. The summit was a fitt ing occasion to honor members of the Association that have contributed significantly to the development of their respective countries.

The awards are given annually in t w o categories: institutional and individual. In the institutional category, the ADFIAP Outstanding Development Project Awards are given to member-banks that have undertaken and/or assisted projects wi th strong development agenda. The Individual Awards consist of the Outstanding CEO Award and the Distinguished Person Award.

The Outstanding CEO Award is given to a practicing chief executive officer whose singular talent, leadership, vision and achievement, in the judgment of the Awards Board, stands out among the nominees.

Meanwhile, the Distinguished Person Award is a lifetime achievement award given to a person who has, in his or her chosen career, excelled and made a mark in the country or in the international community for his/ her outstanding accomplishments in the field of development, in general, and in the development banking profession, in particular.

Ten Outstanding Members During the Fiji conference, ten ADFIAP member-banks won the 2005 ADFIAP Outstanding Development Project Awards, broken down into nine categories:

Asaka Bank (Human Resource Development)

Development Bank of Japan (Environmental Development and Technology Development)

Bank for Investment and Development of Vietnam (SME Development and Local Economic Development)

Bank Pembangunan & lnfrastruktur Malaysia Berhad (Infrastructure Development and Development Finance-led Poverty Alleviation)

Bank lndustri & Teknologi Malaysia Berhad (Technology Development)

Export-Import Bank of lndia and Malaysian Industrial Development Finance Berhad (Trade Development)

Philippine Export-Import Credit Agency (Local Economic Development)

CEO of the Year The winner of the 2005 Outstanding CEO Award was Dato' Md Noor Muhammad Yusoff, Group Managing Director of Bank lndustri & Teknologi Malaysia Berhad. His leadership has been instrumental in the growth and development of the group of companies that he manages.

Dat6 Md Noor is among the present crop of CEOs of member- institutions who rose from the ranks, having started as a credit officer in 1981 and held different key positions for the next 19 years, until becoming Group CEO in 2000.

For his contribution to his country, he was conferred a Dato title by the Sultan of Pahang Darul Makmur in 2003. He has been a development banker through

and through and has chaired the national and regional associations of development banks.

Aside from Mr. Yusoff, T. C. Venkat Subramanian, Chairman and Managing Director of Export- Import Bank of India, and Vincent Pung Yee Kiong, General Manager of Sabah Credit Corp. were also cited for their individual accomplishments as CEOs of their respective institutions.

Mr. Subramanian was recognized for his exceptional stewardship of EximBank lndia into a model public sector organization while Mr. Pung was cited for his exemplary leadership in molding Sabah Credit into a harmonious and learning organization with innovative and quality services to its clients.

ADFIAP chairman Ambassador Jesus P. Tambunting (middle) presides over the 61st Board of Directors meeting held in Nadi, Fiji on May 10- 11, 2005. On far right is ADFIAP secretary general Octavio B. Peralta

Special A wards Recognizing inspiring initiatives of a select group of people and member-institutions, ADFIAP also gave out special awards to the following:

Top Member Recruiter Award: Zaigham Mahmood Rizvi, Chairman & Managing Director, House Building Finance Corporation (Pakistan).

Pakistan now has the most number of members in ADFIAP, with eight, largely to the efforts of Mr. Rizvi.

100% Attendance Award: Uttam B. Pun and OBL Maskey, Executive Chairman & Managing Director and General Manager, respectively, of Nepal Development Bank for having a perfect attendance record in ADFIAP Annual Meetings for three straight years.

First Payor Award: Malaysian Industrial Development Finance Berhad (MIDF) for being consistently the first to pay its annual membership dues to ADFIAP over the years.

Best Annual Report and Best Website Awards: ADFIAP's newly introduced awards for best annual report and best website for 2005 went to Asaka Bank of Uzbekistan and DFCC Bank of Sri Lanka, respectively. Special citations also went to Fiji Development Bank and Small Industries Development Bank of India in the best annual report category.

First IDF "Fello ws " Conferred ADFIAP's Institute of Development Finance (IDF) conferred the title Fellow in Development Banking to two practising member-bank CEOs during the launching of the credentialing program in Nadi, Fiji on May 11, 2005.

Kaleidoscope of colors at Fiji Meetings

The spirit of the 28th ADFIAP Annual Meetings in Nadi, Fiji was captured in a colorful logo that evoked images that represent Fiji.

The logo contains an element called the Tabua or a whale's tooth-a much-prized possession in Fijian tradition. It is regarded as a sacred bond between two parties and used as a symbol of peace that can resolve disputes amicably with the presentation of this symbol alone. A multi-colored magimagi always comes together with the Tabua. This is used t o hold the Tabua threaded though holes drilled on both sides.

Then there's the canoe or drua, regarded as the symbol of mutuality of Asia Pacific islanders. The canoe lies at the heart of island culture, for without it neither the people nor culture would have existed.

Another logo element is the tapa, also known as Masi. This is the bark of a cloth with black and rust-coloured printed designs. Masi played an important role in Fijian culture and its motifs had symbolic meanings. The

logo also has masks, which are primarily associated with ceremonies that have religious and social

Another element is the blue sea \n

wealth for the people of Fiji, bl food. Its deep-sea h ' - - sight to behold for SI

the foremost means Fijian isles.

28h ADF IAP ANNUAL MEETINGS U M S Hoad by Fiji Dmlqmem Bat & Pi# Nltio,Ul R O V i d u r Pod

The Fellow is the highest of the three-level credentials of the IDF in recognition of the professional qualifications and accomplishments in development banking. The ADFIAP Board approved the credentialing program during its 60th meeting in Kuala Lumpur, Malaysia.

The IDF's competency and qualification-based program is designed to systematically develop and recognize professionals in development banking in view of the importance of the field to national development. The other two levels include the entry-level Associate in Development Banking (ADB) and the mid-level Affiliate in Development Bank Management (ADBM).

The first IDF Fellows were Dato' Md Noor Yusoff, Group Managing Director, Bank lndustri & Teknologi Malaysia Berhad; and Zaigham Mahmood Rizvi, Chairman & Managing Director of the House Building Finance Corporation.

Private Enterprise (CIPE), conducted a seminar workshop on corporate governance rating standard for Pacific financial institutions last May 9-10, 2005 in the capital city of Suva in Fiji.

Fiji Vice-President Ratu Joni Madraiwiwi opened the event, which was hosted by the Fiji Development Bank, represented by CEO Tukana Bovoro.

The program was held under the ADFIAP-CIPE "Enhancing Corporate Governance in DFls" project, which includes national workshops on good corporate governance in members' countries of the Association. This was to increase

awareness of the international standards of good corporate governance in Asia and the Pacific among DFls and other financial institutions engaged in the financing development. Twenty participants from 1 0 financial institutions and the Ministry of Finance attended the course. The lead resource person of the seminar was Dr. Cesar Saldatia, Founding Fellow of the Philippine-based lnstitute of Corporate Directors. Prof. Duncan of the University of South Pacific and Parmesh Chand, CEO of the Ministry of Public Enterprise, were among the speakers.

COMPLIANCE OFFICERS CORPS. Participants to the Compliance Officership Program organized by ADFIAP and CIPE last December 12 to 16, 2005 in Manila. The program aims to develop a corps of Compliance Officers in member-banks to institute good governance and anti-corruption initiatives and set up Compliance Units in their respective institutions to sustain these efforts.

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Mr. Yusoff has been instrumental in the growth and development of the group of companies that he manages. Mr. Rizvi was ADFIAP's "Outstanding CEO of the Year" during the ADFIAP Awards 2004 held in Almaty, Kazakhstan. He has 19 years of experience in the field and also taught banking and finance subjects at Azam University in Izlamabad, National Institute of Banking & Finance, Islamabad and

$ Oklahoma State University. I I To wards good corporate -.

governance ADFIAP, in collaboration with the Washington,

Center for International

GROW WHAT is a vision without a roadmap? In 2005, ADFIAP engaged its members in a participative strategic planning process aimed at revisiting the Association's mandate and thrust.

The timing could not have been more opportune. ADFIAP is about t o mark i ts 30th year as the focal point of and advocate for development finance in the region. Membership has spread to 3 2 countries, wi th 64 member- institutions as of end-2005. For the alliance t o serve as a leading advocate of sustainability, i t has to address its own great challenge: how t o nurture growth in order to remain relevant.

The fruit of the self-retrospection is a strategic plan for 2005-2009 that revolves around the theme "More Focused and Prepared t o Lead." The five-year plan was designed to transform ADFIAP into a full-service international association open and responsive to the collective interests of i ts members, constituents, and partners.

The mission-driven plan will guide the organization's restructuring, the reconfiguration of i ts staff, and the development of a broad, sustainable funding base for ADFIAP.

Governance actions In an effort t o improve governance and launch more programs according t o the strategic plan, the ADFIAP Board of Directors constituted themselves into four working committees, modifying the earlier ones formed the past years.

During the association governance workshop on May 10, 2005 in Nadi, Fiji, facilitated by Dr. John D. Sullivan, executive director of the Center for International Private Enterprise (CIPE), the Board set up the following committees:

Membership Committee: tasked t o look after matters and issues wi th regard t o membership development and retention. Members are: China Development Bank; TMB Bank Public Co., Ltd.; National Bank of Uzbekistan; and House Building Finance Corporation.

Policy & Advocacy Committee: responsible for advancing causes that impact on development banking and building relationships wi th like-minded development organizations worldwide. Members are: Development Bank of Japan, Fiji Development Bank, and DFCC Bank.

Finance & Innovation Committee: tasked to expand and innovate on the pool of financial and partnership resources available to support the operations and initiatives of ADFIAP. Members are: Planters Development Bank, Development Bank of Samoa, Bank for Investment & Development of Vietnam, and Development Bank of Kazakhstan.

HRD Committee: in-charge of advancing the development banking sector by establishing standards, credentials and core competencies and improving skills and prominence of development banking professionals. Members are: Bank lndustri & Teknologi Malaysia Berhad, Trade & Development Bank of Mongolia, and Bhutan Development Finance Corporation.

Other members of the Board, namely IDBI, Ltd. of India, Korea Development Bank, Development Bank of Turkey, Bank of Industry & Mine, Nepal Industrial Development Corporation, and

Rural Development Bank of Cambodia will subsequently join their committee of choice.

International presence In 2005, ADFIAP also increased its presence in international forums to market its services, promote its development financing advocacies, and network with partners and donor agencies.

On October 25-26, 2005, Ambassador Jesus P. Tambunting, ADFIAP chairman and chairmanlCE0 of Planters Development Bank, represented the Association at the United Nations Environment ProgrammeIFinance Initiative's (UNEPIFI) Global Roundtable 2005 at the UN Headquarters in New York, USA. He made a presentation on banking with small and medium enterprises (SMEs) and microfinance. ADFIAP was one of the supporting organizations of the event.

The 2005 roundtable forum tackled the issues on carbon and responsible investment under the theme of environmental risks and opportunities for financial institutions. Panel sessions and in-depth workshops were held to address globally and regionally relevant topics, including carbon finance, materiality of environmental, social and corporate governance issues, transparency, reporting and accountability and microfinance.

Other venues The lndonesian Ministry of Environment (MoE) and Central Bank, with sponsorship by BNI Bank, invited ADFIAP secretary general Octavio B. Peralta last December 15, 2005 to Batam Island, Indonesia to speak at the national workshop on "Moving Towards

Sustainable Development in Indonesia: Role and Benefits for the Banking Sector."

Mr. Peralta presented ADFIAP's experience with its Greening of DFls project, as well as its current EU- supported project on environmental governance of development banks in the Asia-Pacific region. The Development Bank of the Philippines (DBP), an ADFIAP member and the only IS0 14001 -certified bank in the country, meanwhile presented its experience on environmental management systems.

Over a hundred bankers attended the event, graced by lndonesian Minister of Environment Rahmat Witoelar and the Central Bank Deputy Governor Siti Fajriah.

Mr. Peralta was also given the opportunity to share the Association's experiences in organizing conferences in the region, as well as future challenges in Association meetings.

As a hosted delegate of the Incentive Travel Conventions, Meetings Asia and Corporate Travel World (IT&CMA), Mr. Peralta addressed the twin-bill 13th IT&CMA and 8th CTW Asia-Pacific Congress at the Pattaya Exhibition and Convention Hall (PEACH) in Bangkok last October 1 3-1 4, 2005.

Some 1,500 delegates from more than 39 countries attended the region's premier meetings and incentive travel show. Corporate travel managers, travel agencies and suppliers discussed the impact of global and regional issues on the development of business travel into and out of the region.

MOST DISTINGUISHED PERSON. ADFIAP chairman Ambassador Jesus P. Tambunting, Jr. (right) bestows the "Most Distinguished Person of the Year" Award to Fiji Prime Minister Laisenia Qarase, former managing director of Fiji Development Bank, for his lifetime achievements in the field of development finance.

Host Program in action The Board of Directors of Sabah Credit Corporation (SCC) have recently availed of the convenience and facility that ADFIAP's Country Host Programme offers for their business mission in Turkey. The country host-the Development Bank of Turkey-helped provide all the necessary logistical arrangements for the SCC Board to make their visit in Turkey more pleasant and fruitful.

The program is ADFIAP's way of facilitating business travel of members. The concept of the program is for members to use ADFIAP's network in 32 countries and as many other locations in one country.

ADFIAP has country host focal persons who have volunteered their time and effort to assist fellow visiting members in arranging business meetings or appointments, the provision of a temporary officelmessage center, arranging hotel accommodation, tours and others. The program also helps build goodwill and friendship among members.

Communicating to members To continue to nurture growth and keep its members informed, ADFIAP established an information program consists of both print and electronic publications. The Association provides free subscriptions to members, partners and, upon request, to like-minded development institutions.

ADFIRP ANNUAL REPORT 2008 1 16

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; : , ' . . The following are sohe of the ADFIAP put out in

Journal of Development Finance: Thematic publication on development banking and related issues.

ADFIAP News: A bi-monthly newsletter on people, events, and activities of the Association, its members and partners.

Annual Report: Highlights of the year's projects, programs and activities, complete with featured articles and other relevant information on the Association.

The Chief Executive Memogenda: Monthly brief on management ideas, trends and best practices in banking.

Governance: Quarterly digest of corporate governance issues, trends and best practices.

e-Newsletter: A regular news update and announcements on the Association's work and activities

SME Toolbox: Quarterly newsletter for small and medium enterprises.

Greenbank: Bi-monthly briefing on environmental banking news, issues and trends.

ADFIAP Website (http://www. adfiap.org1: Online presence of ADFIAP with Association news, updates on projects, trainings, conferences, and other activities.

Fast Facts on Environmental Governance Standards for Development Financing Institutions in Asia. Brochure on the "Greening of DFls" Project of ADFIAP funded under the EU-supported Environmental Governance Standards project.

Sustaining SMEs. A brochure on the SMEIFinance Initiative project.

Principles & Practices of Development Banking: Book series on everything you wanted to know about development banking, in three volumes.

The Development Financing in Asia & the Pacific: Its Evolution & Impact: Book series on different models of development financing in the region, in two volumes.

Corporate Governance Rating System for Development Banks and Other Financial Institutions. Handbook published by ADFIAP, with funding support from the Center for International Private Enterprise, on the adoption of a corporate governance rating system for Asia-Pacific countries.

Bringing CG to Vietnam. More than 30 senior officers of Vietnamese banks and financial institutions participated in the seminar-workshop on enhancing corporate governance in Hanoi, Vietnam.

I ADFIAP ANNUAL REPORT 2005 1 17

1 REAPING THE FRUITS THERE is strength in numbers and this holds true for ADFIAP as for any other organization. 2005 was when the Association started reaping the fruits of its well-organized and well- executed membership campaign that resulted in a stronger, more diverse, and more involved development finance alliance.

In a meeting in Hanoi, Vietnam on September 9, 2005, the ADFIAP Board decided the Association's membership needed to be in step with the times. The Board noted that the function of financing development in today's business environment has transformed significantly compared

I to the traditional development finance situation in the past. It saw a need to review and clarify the current concept and definition of development finance at the present

0 times.

The Board directed L , the Secretariat to

t Y review the criteria for

membership eligibility so that other development-oriented

financial institutions may be included. The strategic

move was expected to pave the way for an increase in ADFIAP membership and make the Association's role

and activities more relevant and challenging to its members.

Prior to the move, however, the Association was already growing at the rate of one new member a mon The following banks and financial institutions became new members i 2005:

House Building Finance Corporation (Pakistan)

RCBC Savings Bank (Philippine:

AMZ Venture (Pakistan)

Niue Development Bank (Niue Island)

Business Development Bank of Canada

Commonwealth Development Authority (Commonwealth of Northern Mariana Island)

Rural Development Bank Limitel (Papua New Guinea)

National Development Bank of Samoa

SME Development Bank Thailar

Oman Development Bank (Sultanate of Oman)

Seylan Bank (Sri Lanka)

The Brunei Economic Development Board

With the addition of 12 new members, ADFIAP is now 64 members-strong, with a presence i~ 32 countries.

00 -

40 ""t I

Gaining recognition the issues on carbon and responsible sealed their alliance with the signing Along with a growing membership investment under the theme of of a letter of agreement (LoA) that came the value recognition. The environmental risks and opportunities took effect on January 1, 2005. international community took for financial institutions. Panel notice of ADFIAP's emerging role sessions and in-depth workshops ADFIAP is promoting sustainable in development financing in the were held to address globally and development initiatives based on region and invited the Association in regionally relevant topics, including its new mission crafted in Almaty, international forums. carbon finance, materiality of Kazakhstan in May 2004. The

environmental, social and corporate partnership with UNEPIFI also augurs UNEP/FI Global Roundtable governance issues, transparency, well with ADFIAP's Greening of DFls On October 25-26, 2005, reporting and accountability and project and with its commitment as Ambassador Jesus P. Tambunting, microfinance. an NGO in consultative status with ADFIAP chairman and chairman1 the United Nation's Economic and CEO of Planters Development Focal point Social Council. Bank, represented the Association 2005 also saw ADFIAP forging at the United Nations Environment ties with global alliances such as UNEP established its Finance ProgrammeIFinance Initiative's the United Nations Environment Initiative (http://www.unepfi.org) to Global Roundtable 2005 at the UN Programme's Finance Initiative promote sustainable development Headquarters in New York. He made (UNEPIFI). and environmentally sound business a presentation on banking wi th small practices across the international and medium enterprises (SMEs) and UNEPIFI tapped ADFIAP for its role financial services sector. microfinance. ADFIAP was one of the as a focal point in setting up the supporting organizations of the event. UNEPIFI Asia Pacific Task Force The 2005 roundtable forum tackled (APTF) in the region. The two groups

0 - uu u u Jan Feb Mar Apr May Jun July Aug Sept I

ADFIAP ANNUAL REPORT 2005 1 19

Under the LoA, ADFIAP will act as the Philippine nodal point and a regional partner for APTF and UNEPIFI activities in the Asia- Pacific region with the following responsibilities:

Coordinating the APTF work programme from an Asia- Pacific position in close collaboration with UNEPIFI Secretariat based in Geneva, Switzerland;

Distributing APTF and UNEPI FI materials in the Philippines and its members in the region, including APTF promotional documents, UNEPIFI newsletter, etc.;

Assisting in the organization of meetings, seminars and conferences in the Philippines for APTF or broader UNEPIFI projects in the region;

Acting as a source of continuous and up-to- date information on relevant developments in the Asia- Pacific and Philippine financial services sector;

Participating as the key Asia- PacificIPhilippine representative for UNEPIFI conference calls, meetings, etc., and assisting, with the co-ordination of the APTF, for regional peer reviews of broader UNEPIFI projects; and

Encouraging Asia-Pacific financial institutions to become signatories to the UNEPIFI.

ADFIAP secretary general Octavio B. Peralta was designated co-chair, along with the Japan Bank for International Cooperation (JBIC), represented by its deputy director- general for International Finance Department I (Asia and Oceania), Toshiro Nishizawa, at the UNEPIFl's Outreach Group.

UNEPJFI activities include: working group projects on climate change, asset management and sustainability management reporting and indicators; regional task forces, distribution of a regular e-bulletin, annual international roundtables and capacity building programmes.

Expanding. ADFIAP's membership was at its fastest pace in 2005, with one new member a month, bringing the total to 64 institutions in 32 countries.

20 1 ADFIAP ANNUAL REPORT 2005

Recipient of grants The vote of confidence on ADFIAP also translated to international grants from prestigious institutions in 2005.

For the third year, ADFIAP again became a grant recipient of the Center for International Private Enterprise (CIPE). The Washington, D.C.-based group extended a USS55,OOO grant to fund the Association's Compliance Officership Program (COP) that will develop a corps of compliance officers (COs) among member- banks. This was in accordance with good governance and anti- corruption initiatives and the setting up of Compliance Units (CUs) in institutions to sustain these efforts.

The program is expected to enhance and strengthen the functions and roles of COs in development banks, from one of documentary compliance and public relations to being more proactive in the governance and anti-corruption due diligence policies and practices in their organizations. This will also redound to sounder internal business management systems as their function and relationship with other units of the banks begin to be clearer and more defined.

Greening fund 2005 was also a milestone year as i t was the first time ADFIAP participated in a competitive nature for a grant with the European Union (EU) under its EU-Asia Pro Eco Programme.

ADFIAP's Greening of DFls Project got a boost from the EU in 2005 through a €346,446 grant for an 18-month project on environmental governance for ADFIAP member- banks. The Association's successful bid was bolstered with

its partnership with two prestigious EU

UNEP Finance initiative Innovative financing for sustainability

IrISIIIUtIUrIS:

Germany's Wuppertal Institute for Climate Change and

The State of Sustainability Finance Practices

Amongst ADFIAP Members : 7 I , , .

Energy and the United Takejiro Sueyoshi

Kingdom's Special Advisor to UNEP in the AP region

Leeds ttp: unep I.org Institute for Environmental Science and Management.

The project's ultimate goal is to support the "greening" of the banking and finance sector in Asia through the development and implementation of environmental governance standards for ADFIAP member-DFls and other participating financial institutions.

The project (www.egs- asia.com) will initiate an EU-Asia Environmental Governance Partnership that leads to the development and initial application of f Environmental Governance Standards (EGS) for DFls.

ANNUAL ADFIAP REPORT

Ambassador Jesus P. Tambunting Chairman of the Board

Chairman and Chief Executive Officer Planters Development Bank

Son Koun Thor Board Member Chairman and Chief Executive Officer, Rural Development Bank

Fuimaono Falefa Lima Vice Chairman General Manager Development Bank of Samoa A

Nawang Gyetse Board Member Managing Director, Bhutan Development Finance Corp.

Zaigham Mahmood Rizvi Vice Chairman Chairman and Managing Director, House Building Finance Corporation

Chen Yuan Board Member Governor, China Development Bank

Takeshi Komura Board Member

Governor, Development Bank of Japan

I

Tukana Bovoro Board Member Chief Executive Officer, Fiji Development Bank

Kambar Shalgimbayev Board Member President, Development Bank of Kazakhstan

Shri V.P. Shetty Board Member Chairman and Managing Director, A IDBI, Ltd.

Mohammad Reza Soltankhah Bidokhti Board Member Deputy Managing Director, Systems and Planning Department, Bank of

c - BOARD OF DIRECTORS

L Chang-lok Kim

Board Member Governor, Korea Development Bank

Ybhg. Dato' Abdul Rahim Mohd. Zin Board Member PresidentIGroup Managing A Director Bank Pembangunan Malaysia Berhad A

Milan Bikram Shah Board Member

- General Manager and Chief Executive

Officer, Nepal Industrial Development Corp.

Siilegmaa Monhbat Board Member President and Chief Executive Officer, Trade and Development Bank of Mongolia

Dr. Subhak Siwaraksa Board Member

Chief Executive Officer, 'MB Bank Public

Company Ltd.

I, Nihal Fonseka

Le Dao Nguyen Board Member

Deputy General Director, Bank for Investment . and Deve lo~ment of ) Vietnam ~BIDV)

Abdullah Celik Board Member Chairman and General Director, Development Bank of Turkey

Octavio B. Peralta Board Member Secretary General, ADFIAP

Saidakhmad B. Rahimov Board Member

Chairman, National Bank of Uzbekistan

I Alam Sarwar Mr vang Gyetse Mr Azlz Latlp Managlng Dlrector (Board Member) Ass~stant Chlef (Board Member) Executive V ~ c e Pres~dent Governor INDUSTRIAL Managlng Dlrector Execut~ve Offlcer Chalrman and Chlef Integrated Rlsk and (Board Member) PROMOTION AND BHUTAN DEVELOPMENT THE BRUNEI ECONOMIC Executive Off~cer Technology Management CHINA DEVELOPMENT DEVELOPMENT FINANCE DEVELOPMENT BOARD RURAL DEVELOPMENT BUSINESS BANK COMPANY OF CORPORATION BANK DEVELOPMENT BANK BANGLADESH LTD OF CANADA (BDC)

Mr. Tom Glen11 m. Mr. Tukana Bovoro Mr Olota Rokovunlsel Mr. Sukamal Chandra Mr. T. C. Venka~ Shrl R.M. Malla Qultugua (Board Member) General Manager & Basu Subramaman Chlef Executive Offlcer Chalrman of the Board Ch~ef Executive Offlcer Chlef Execut~ve Offlcer Cha~rman and Managlng Managlng Dtrector lFCl Llmlted COMMONWEALTH FIJI DEVELOPMENT FIJI NATIONAL Dlrector & CEO DEVELOPMENT BANK PROVIDENT FUND BANK OF EXPORT-IMPORT BANK AUTHORITY MAHARASHTRA OF INDIA

Sh r~ V. P. Shetty Dr. B~dhubhusan Samal Mr. N. Balasubramanran Drs. H. Umar Sjar~fudd~n Mr. Nazwar Nazir (Board Member) Chairman & Managing Chairman & Managing PresidentlDirector PresidentIDirector Chairman and Managing Director Director BANK JABAR BANK NAGARI Director l lBl LTD. SMALL INDUSTRIES IDBI, LTD. DEVELOPMENT

BANK OF INDIA

Soltankhah Bidokhti (Board Member) Deputy Managing Director, Systems and Planning Department BANK OF INDUSTRY AND MINE

26 1 ADFIAP ANNUAL REPORT 2005

IVII. nillyslc;y I llurllas Managing Director

IVII. ~aneshi Komura (Board Member) Shalgimbayev Chairman (Board Member)

I UIIY. vatu HUUUI na l l l l i l

Mohd. Zin DEVELOPMENT BANK Governor (Board Member) STATE INSURANCE Governor (Board Member) OF JAMAICA, LTD. Development Bank of President CORPORATION KOREA DEVELOPMENT PresidentlGroup

Japan DEVELOPMENT BANK FOR THE INSURANCE BANK Managing Director OF KAZAKHSTAN OF EXPORT BANK PEMBANGUNAN

CREDIT AND MALAYSIA BERHAD INVESTMENT

,.,,. ,,,,,. . . . Y b g C A n , , Dato' Mohd. Sallehuddin Mr. Vincent Pung Y,, ,.,,. , dter S.E. ,,,,, Zain Abdullah bin Othman Kiong Managing DirectorlChief Vice Director General Manager Managing Director Group Chief Executive1 General Manager Executive Officer CAPITAL BANK OF BANK PERTANIAN BANK PERUSAHAAN Director SABAH CREDIT SABAH DEVELOPMENT MONGOLIA MALAYSIA KEClL & SEDERHANA MALAYSIAN CORPORATION BANK BERHAD (AGRICULTURAL BANK MALAYSIA BERHAD INDUSTRIAL OF MALAYSIA) (SME Bank) DEVELOPMENT

FINANCE BERHAD

'I' .I

Mr. Athar Naseem (Board Member) Executive Chairman (Board Member) General Manager Chairman Shaikh President & Chief and Managing Director General Manager & CEO NlUE DEVELOPMENT OMAN DEVELOPMENT Vice Chairman and Chief Executive Officer NEPAL DEVELOPMENT NEPAL INDUSTRIAL BANK BANK Executive Officer TRADE AND BANK LIMITED DEVELOPMENT AMZ VENTURES LTD DEVELOPMENT BANK CORPORATION OF MONGOLIA

Managing Director Rizvi Managing Director and Managing Director Managing Director President and Chief BANK OF KHYBER (Vice Chairman of the Chief Executive Officer PAKISTAN INDUSTRIAL PAKISTAN KUWAIT Executive Officer

Board) Chairman and PAK OMAN CREDIT & INVESTMENT INVESTMENT SME BANK, LTD. Managing Director INVESTMENT CORPORATION, LTD. COMPANY (PRIVATE) HOUSE BUILDING COMPANY (Pvt) LTD LIMITED FINANCE CORPORATION

PI-

d ~ k , [ f i l l

Mr. Muhammad Rashid Mr. Kaleb Udui, Jr., Mr. Richard Maru Mr. Haruhiko Kuroda Mr. Reynaldo G. David Ambassador Jesus P. Zahir President Managing Director President President & Chief Tambunting General ManagerIChief NATIONAL RURAL DEVELOPMENT Asian Development Bank Executive Officer (Chairman of the Boardl Executive DEVELOPMENT BANK BANK LIMITED DEVELOPMENT BANK Chairman and Chief SAUDI PAK INDUSTRIAL OF PALAU OF THE PHILIPPINES Executive Officer & AGRICULTURAL PLANTERS : INVESTMENT DEVELOPMENT BANK 1 COMPANY (PVT.) LTDI

Mr. Virgilio R. Angelo Mr. Rogelio M. Florete Mr. Lope M. Fernandez Jr. Mr. Fuimaono Falefa Lima Mr. Bruce Phillips Mr. Nihal Fonseka President President President (Vice Chairman of the Chief Executive Officer (Board Member)

I PHILIPPINE EXPORT- QUEEN CITY RCBC SAVINGS BANK Board) NATIONAL BANK OF General ManagerlChief IMPORT CREDIT DEVELOPMENT BANK General Manager SAMOA Executive Officer AGENCY DEVELOPMENT BANK DFCC BANK

I OF SAMOA

Mr. Ajlta Pasqual Mr. Chot~sak Asapav~r~ya Dr Subhak Slwaraksa Mr Otenlfl Afu'alo Matoto Mr. At ah Cellk Prof Dr. Ata Atun Director, President (Board Member) Managlng Dlrector (Board Member) Governor General Manager, SMALL & MEDIUM Ch~ef Executive Offlcer TONGA DEVELOPMENT Chalrman and General TURKISH REPUBLIC OF CEO, Seylan Bank ENTERPRISE TMB BANK PUBLIC BANK Dlrector NORTHERN Llmlted DEVELOPMENT BANK COMPANY LIMITED DEVELOPMENT BANK CYPRUS DEVELOPMENT

OF THAILAND OF TURKEY BANK

Mr. Shoklr Jumaevlch Mr Saldakhmad B. Mr. Le Dao Nguyen, Mr. Nguyen Quang Dung Juraev Rahtmov Deputy General Dlrector Vlce Chalrman of Chalrman (Board Member) (Board Member) ~anagemen t 1 ASAKA BANK NATIONAL BANK BANK FOR INVESTMENT General Dlrector

OF UZBEKISTAN AND DEVELOPMENT EVELOPMENT , OF VIETNAM

I

Financial St

THE ASSOCIATION OF DEVELOPMENT FINANCING INSTITUTIONS IN ASIA AND THE PACIFIC, INC. (A Non-stock, Not-for-Profit Association Incorporated in the Philippines)

STATEMENTS OF ASSETS, LIABILITIES AND MEMBERS' FUNDS

December 31

ASSETS

Current Assets

Cash and cash equivalents

Receivables from members - net of allowance for probable losses of USS141,599 in 2005 and USS130,830 in 2004 50,065 26,370

Advances and other receivables 12,244 12,533

Total Current Assets 419.836 127,726

Noncurrent Assets

Property and equipment - net

Other assets 12,812 12,111

Total Noncurrent Assets 123,186 112,120

USS543,022 US$239,846

LIABILITIES AND MEMBERS' FUNDS

Current Liabilities Accounts payable and accrued expenses

Members' Funds

30 1 ADFIAP ANNUAL REPORT 2005

STATEMENTS OF REVENUES AND EXPENSES

Years Ended December 31

2005 2 0 0 4

REVENUE

Grants US$287,387 US$ - Members' contributions 254,490 188,536

Foreign currency exchange gain (loss)-net (20,604) 3,424

Training fee

Interest - net

Miscellaneous 29,901 23,368

EXPENSES

Program:

Meetings and trainings

Information and research

Administrative:

Salaries, wages and allowances

Depreciation

Communication

Professional fees

Repairs and maintenance

Utilities

Occupancy costs

Provision for (recovery from) probable losses

Entertainment, amusement

and recreation

Taxes and licenses

Miscellaneous

EXCESS OF REVENUE OVER EXPENSES US$238,736 USS38,899

STATEMENTS OF CHANGES IN MEMBERS' FUNDS

Years Ended December 31

2005 2 0 0 4

Balance at beginning of year

Excess of revenue over expenses

Translation adiustment 21.516 (2.409)

Balance at end of year US$461,167 USS200,915

AOFlAP ANBNMLIAL REPORT 2005 1 51

1. Octavio B. Peralta Secretary General

2. Sandy Lim Senior Executive, Membership

3. Sandra Honrado Senior Executive, Programs

4. Susan Bajar Secretariat Affairs Officer

5. Lorie Cervantes Finance Officer

6. Robert Juan Information Officer

OFFICERS & STAFF

- -ADFlAP - MEMBERS E (as of March 2006)

AMZ Ventures Limited Asaka Bank

Asian Development Bank ' Bank for lnvestment and Development of Vietnam

Bank Jabar, Limited Bank Perusahaan Kecil & Sederhana Malaysia Berhad (SME Bank)

Bank Nagarr Bank of Industry and Mine*

Bank of Maharashtra Bank of Khyber

Bank Pembangunan Malaysia Berhad* Bank Pertanian Malaysia

Bhutan Development Finance Corporatior. Business Development Bank of Canada

Capital Bank of Mongolia China Development Bank

Commonwealth Development Authority (CNMI) DFCC Bank

Development Assistance Fund of Vietnam Development Bank of Jamaica, Ltd.

Development Bank of Japan Development Bank of Kazakhstar

Development Bank of the Philippinest Development Bank of Samoa*

Development Bank of Turkey Export Import Bank of lndia

Fiji Development Bank* Fiji National Provident Fund

House Building Finance Corporation IFCI, Limited* IDBI, Limited*

lndustrial lnvestment Bank of lndia Ltd. lndustrial Promotions and Development Bank of Bangladesh

Korea Development Bank* Malaysian lndustrial Development Finance Berhad*

National Bank of Uzbekistan National Development Bank of Palau

National Bank of Samoa Nepal Development Bank Limited

Nepal lndustrial Development Corporation* Niue Development Bank

Oman Development Bank Pak Oman lnvestment Company (Pvt), Ltd.

Pakistan lndustrial Credit and lnvestment Corporation, Ltd* Pakistan-Kuwait lnvestment Company (Pvt), Ltd.

Philippine Export-Import Credit Agency Planters Development Bank

Queen City Development Bank RCBC Savings Corporation

Rural Development Bank PNG Rural Development Bank

SME Bank Limited Sabah Credit Corporation

Sabah Development Bank Berhad Saudi Pak Industrial & Agricultural Investment Company (Pvt.), Ltd.

Seylan Bank Small and Medium Enterprise Development Bank of Thailand

Small Industries Development Bank of India ,

A State Insurance Corporation for the Insurance of Exportcredit and lnvestment

TMB Bank Public Co. Ltd.* The Brunei Economic Development Board

Tonga Development Bank Trade and Development Bank of Mongolia

Turkish Republic of Northern Cyprus Development Bank

c