2020 was a very challenging year. The global COVID-19 pandemic, which set in early in the year, swept across the world, leading to unprecedented and synchronised disruptions at various levels. Besides the devastating, unprecedented death toll, the social and economic impact of the pandemic was unparalleled in modern history, with all aspects of everyday life, including work and travel, affected. In 2020, the Bank undertook its operations and activities in line with the revised work programme and budgets and in the context of the COVID-19- induced global and regional economic crisis. In addition to intensifying its support under existing programmes and facilities, the Bank launched several new initiatives and products during the year specifically tailored to curb the socioeconomic impact of the pandemic on its member states while protecting the Banks assets and staff.