Cofinancing Highlights

In 2019, ADB’s financing partners committed $11.86 billion to projects designed to bring progress to the Asia and Pacific region. Together, ADB and its partners cofinanced 167 projects across 26 countries in various fields. Which developing member countries or what sectors benefited from partner resources? This section gives numerical highlights of 2019’s sovereign cofinancing operations.

Total Cofinancing

$11.86 billion

What is the breakdown of ADB's operations in 2019?

ADB operations reached $33.75 billion in 2019. Cofinancing totaled $11.86 billion, leveraged by $21.89 billion in ADB's own loans, grants, guarantees and equity investments. Of these, sovereign cofinancing for both investment projects and technical assistance reached $4.89 billion while nonsovereign cofinancing reached $6.97 billion.

$18.86 billion ADB Financing $18.64 billion Projects $0.22 billion TA
$4.89 billion Cofinancing

$23.75 billion Sovereign

$3.03 billion ADB Financing $3.01 billion Projects $0.02 billion TA
$6.97 billion Cofinancing

$10.00 billion Nonsovereign

Total Nonsovereign Cofinancing

$6.97 billion

How much nonsovereign cofinancing was raised?

Private sector or nonsovereign cofinancing commitments reached $6.97 billion in 2019, adding to ADB nonsovereign financing worth $3.03 billion. This means that every dollar of ADB’s own funds was matched by a dollar and fifty cofinancing.

$3.03 billion ADB Financing $3.01 billion Projects
$0.02 billion TAs
$6.97 billion Nonsovereign Cofinancing $3.41 billion Long-Term Cofinancing
$3.56 billion Short-Term Cofinancing

Total Sovereign Cofinancing

$4.89 billion

How much sovereign cofinancing was raised?

Sovereign cofinancing is partner financing that is necessary to deliver ADB project outcomes. In 2019, sovereign cofinancing commitments reached $4.89 billion, adding to ADB sovereign financing worth $18.86 billion, including technical assistance. This means that every dollar of ADB sovereign financing was accompanied by about 26 cents of cofinancing from partners.

$17.80 billion Loans ADB Sovereign Financing
$844 million Grants ADB Sovereign Financing
$221 million Technical Assistance ADB Sovereign Financing
$4.51 billion Loans Sovereign Cofinancing
$152 million Grants Sovereign Cofinancing
$219 million Technical Assistance Sovereign Cofinancing

Who cofinanced with us?

For the $4.71 billion project-specific cofinancing, bilateral partners account for approximately 76% of sovereign cofinancing commitments for 2019 while multilateral financing partners account for the rest, except for $1.3 million from a private partner, the JP Morgan Chase Foundation. Trust fund commitments totaled $180.8 million.

$4.71 billion Project-Specific Cofinancing $3.60 billion Bilaterals $1.11 billion Multilaterals (including Global Funds) $1.3 million Private Partners


$180.8 million Trust Funds


Bilateral financing partners accounted for 78% ($3.50 billion) of the $4.52 billion sovereign loan cofinancing, followed by multilaterals at 19% ($864 million) and 3% ($152 million) for global funds.

Germany cofinanced four loans; the European Bank for Reconstruction and Development, France, Japan, Republic of Korea, and the Climate Investment Funds each cofinanced two loans.

$2.35 billion Japan Bilateral 2 Projects

$891.3 million Germany Bilateral 4 Projects

$300 million European Bank for Reconstruction & Development Multilateral 2 Projects

$260 million New Development Bank Multilateral 1 Project

$200 million Asia Infrastructure Investment Bank Multilateral 1 Project

$140 million Korea, Republic of Bilateral 2 Projects

$114.5 million France Bilateral 2 Projects

$95 million Green Climate Fund Global Fund 1 Project

$64 million World Bank Multilateral 1 Project

$57 million Climate Investment Fund Global Fund 2 Project

$40 million OPEC Fund for International Development Multilateral 1 Project

Grant-based project-specific cofinancing totaled $190.5 million in 2019. Of these, 49% ($92.8 million) were committed by bilateral financing partners, 22% ($41.9 million) by multilateral financing partners, 29% ($54.5 million) by global funds, and 1% ($1.3 million) by a private partner.

Australia cofinanced 18 projects; New Zealand, the Climate Investment Funds, and the European Union each cofinanced 4; and Republic of Korea cofinanced 3.

$190.5 million Grant Cofinancing 11 Projects ($127.3 milion) 28 TAs ($63.2 million)

$83.0 million for 18 projects
Australia (Bilateral)

$29.9 million for 1 project
Green Climate Fund (Global Fund)

$28.5 million for 4 projects
European Union (Multilateral)

$49.2 million for 24 projects
(World Bank, Global Environment Facility, Climate Investment Funds, Women Entrepreneurs Finance Initiative, New Zealand, Switzerland, JPMorgan Chase Foundation, Republic of Korea, Global Agriculture and Food Security Program, United States, United Nations Development Programme, Norway, Germany)

Grant cofinancing from trust funds totaled $180.8 million. Of these, 32% ($58.1 million) came from stand-alone single-partner trust funds; 32% ($57.1 million) came from stand-alone multi-partner trust funds, and 36% ($65.5 million) came from trust funds under four financing partnership facilities. The breakdown of allocation from 2019 active trust funds is below.

$180.8 million Trust Funds 11 Projects ($25.1 milion) 86 TAs ($155.7 million)

$45.0 million for 1 project
Asia Pacific Project Preparation Facility (Multi-partner)

$37.9 million for 21 projects
Japan Fund for Poverty Reduction (Single Partner)

$20.3 million for 13 projects
Urban Climate Change Resilience Trust Fund (Urban FPF)

$77.7 million for 79 projects
(High-Level Technology Fund, ASEAN Australia Smart Cities Trust Fund, United Kingdom Fund for Asia Regional Trade and Connectivity, Republic of Korea e-Asia and Knowledge Partnership Fund, People's Republic of China Poverty Reduction and Regional Cooperation Fund, Clean Energy Fund, Cities Development Initiative for Asia Trust Fund, Carbon Capture and Storage Fund, Sanitation Financing Partnership Trust Fund, Japan Fund for the Joint Crediting Mechanism, Asian Clean Energy Fund, Netherlands Trust Fund, Multi-Donor Trust Fund [Water Financing Partnership Facility], Investment Climate Facilitation Fund, Japan Fund for Information and Communication Technology, Cooperation Fund for Project Preparation in the Greater Mekong Subregion and in Other Specific Asian Countries, Integrated Disaster Risk Management Fund, Urban Environmental Infrastructure Fund, Cooperation Fund in Support of Managing for Development Results)

Where did the funds go?

Of the 148 cofinancing activities, 55 covered multiple DMCs. This was followed by 11 projects specifically for Mongolia, 10 for Indonesia, 9 for Pakistan, and 8 for India. Volume-wise, the top 3 countries, each with cofinancing commitment going beyond half a million dollars, were the Philippines, Indonesia, and India. Collectively, the cofinancing commitment for projects in these countries account for 64% of sovereign cofinancing for 2019.

$2.01 billion Philippines 2 Projects


$572.97 million Indonesia 10 Projects


$537.99 million India 8 Projects


$373.93 million Sri Lanka 4 Projects


$243.20 million Uzbekistan 5 Projects


$205.97 million People's Republic of China 7 Projects


$203.25 million Bangladesh 3 Projects


$167.23 million Mongolia 11 Projects


$141.22 million Regional 55 Projects


$92.35 million Pakistan 9 Projects


$334.80 million Others Azerbaijan, Cambodia, Fiji, Georgia, Lao PDR, Maldives, Myanmar, Nepal, Papua New Guinea, Solomon Islands, Tajikistan, Timor-Leste, Tonga, Tuvalu, Viet Nam

34 Projects


The percentage share of Southeast Asia, Pacific, and the Regional projects against total cofinancing for the 2019 increased in comparison to their 2018 figures. For 2019, the biggest volume of cofinancing were for projects in Southeast Asia (54%), followed by projects in South Asia at 23%.

$2.66 billion Southeast Asia 33 Projects


$1.12 billion South Asia 22 Projects


$442.15 million Central and West Asia 21 projects


$376.12 million East Asia 22 projects


$206.13 million Pacific 20 projects


$84.14 million Across Regions 30 projects

Includes: Economic Research and Regional Cooperation Department; Procurement, Portfolio, and Financial Management Department; Office of the Compliance Review Panel; Office of Public-Private Partnership; Sustainable Development and Climate Change Department; Strategy, Policy, and Partnerships Department


The top 3 sectors and themes account for 89% of sovereign cofinancing in 2019. They were also the same sectors and themes that garnered the most cofinancing in 2018.

$2.74 billion Transport 17 projects


$894.63 million Energy 26 projects


$716.89 million Public Sector Management 19 projects


$228.22 million Finance 14 projects


$171.53 million Water and Other Urban Infrastructure and Services 25 projects


$140.34 million Others 47 projects

$49.90 million Health
$46.00 million Multisector
$23.65 million Agriculture, Natural Resources and Rural Development
$8.68 million Education
$8.13 million Industry and Trade
$3.98 million Information and Communication Technology


What was the distribution of funds?

by Product and Type of Assistance

Project-specific cofinancing made up 96% of the 2019 sovereign cofinancing, while trust fund cofinancing peaked at 4%.

Note: Project-Specific Cofinancing includes projects financed by global funds.

$4.71 billion Project-Specific Cofinacing $4.52 billion Loan Cofinacing $190.5 million Grant Cofinacing


$180.8 million Trust Funds


Loan cofinancing accounted for 92%, grant cofinancing for investment projects for 3%, and grant cofinancing for technical assistance for 5%.

$4.52 billion Loan Cofinancing 17 Projects


$152.4 million Grant Cofinancing for Investment Projects 22 Projects


$218.9 million Grant Cofinancing for Technical Assistance 112 Projects


Of the $4.89 billion sovereign cofinancing commitments in 2019, 96% was for investment project cofinancing and 4% for technical assistance cofinancing.

$4.67 billion Investment Projects 36 Projects


$218.9 million Technical Assistance 112 Projects


Project-specific cofinancing made up 94% of the 2019 total, while trust fund cofinancing peaked at 6%.

$4.71 billion Project-Specific Cofinancing 54 Projects


$180.79 million Trust Fund Cofinancing 97 Projects


Additional Data