Manila: The Asian Development Bank (ADB) and KfW, the German state-owned development bank, have agreed to scale up their existing cofinancing partnership with an additional $2 billion over the next 3 years to continue promoting development in the Asia-Pacific region.
A memorandum of understanding (MOU) for cofinancing was signed by ADB Senior Advisor in the Strategy, Policy, and Partnerships Department Kenji Yuhaku, KfW Director for East and Southeast Asia Joachim Schumacher, and KfW Regional Manager for East and Southeast Asia Michael Gruber at a ceremony at ADB headquarters in Manila.
"ADB appreciates KfW's strong interest in the region's development. Since 2014, we have worked together to finance almost $6 billion in energy, urban infrastructure, climate finance, and pandemic support," said Yuhaku in a media release on Wednesday.
"The current cofinancing MOU has proven to be successful, and we look forward to continue building on this growing partnership in Asia and the Pacific," Yuhaku added.
The new agreement will build on the successful cofinancing partnership ADB and KfW launched in 2014 for $2 billion, and renewed in 2017 and 2019 for an additional $4 billion. The partnership (2014–2021) yielded 25 cofinanced projects focused on energy, industry and trade, and public sector management. The $5.78 billion provided by KfW for these projects was complemented with $8.85 billion from ADB.
Germany is the second largest bilateral cofinancier of ADB projects. The additional cofinancing from KfW will help ADB address the region’s vast infrastructure needs, estimated at $1.7 trillion annually until 2030, including climate adaptation and mitigation costs.
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