FRANKFURT, GERMANY – In their "Frankfurt Declaration", the Asian Development Bank (ADB) and the German Federal Ministry for Economic Cooperation and Development (BMZ) agreed to join forces for progress on climate action and technical and vocational education and training (TVET).
The declaration spells out the intention by ADB and Germany to launch an Asia Climate Finance Facility (ACliFF) in 2017. The facility will leverage public and private sector investment in climate change mitigation and adaptation in support of the goals of the COP 21 Paris Agreement. The facility will assist developing countries in Asia and the Pacific through new and innovative cofinancing measures, including guarantees and climate risk insurance, which support country-led implementation of Nationally Determined Contributions for reduction of greenhouse gas emissions, as well as for investment in resilience.
ADB and BMZ also signed a declaration of intent to deepen and increase cooperation to promote TVET in Asia. The joint effort will aim to better match education and training with the skills that employers are demanding and boost workplace-based training. They aim to foster inclusive growth including the economic empowerment of women, which is in the spirit of the women’s economic empowerment initiative launched by Germany during German G7 presidency. ADB is one of the largest multilateral donors for vocational training in developing Asia. Among the activities planned for the coming year is a joint regional vocational training conference.
Germany is ADB’s biggest European shareholder and in 2015, it was the biggest bilateral cofinancier of ADB projects. This year is the first time that ADB’s Annual Meeting is being held in Germany.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.