INCHEON, REPUBLIC OF KOREA (3 May 2023) — The Asian Development Bank (ADB) and the Republic of Korea signed three strategic agreements to build resilience among developing economies of Asia and the Pacific by promoting access to climate technology, improving access to digital services, and enhancing sustainable and inclusive infrastructure development through public–private partnerships (PPPs).
The agreements were signed by ADB President Masatsugu Asakawa and Republic of Korea Deputy Prime Minister and Minister of Finance Choo Kyung-ho on the sidelines of ADB's 56th Annual Meeting.
In the first agreement, ADB and the Government of the Republic of Korea have agreed to work towards establishing an ADB-Korea Climate Technology Hub (K-Hub) in Seoul to connect ADB’s developing member countries (DMCs) to cutting-edge climate technology, experts, service providers, and other stakeholders in the climate tech ecosystem. Through the K-Hub, DMCs will be able to access and implement solutions to challenges posed by climate change.
The second agreement involves a $100 million replenishment by the Government of the Republic of Korea of the ADB-managed e-Asia and Knowledge Partnership Fund, which was established in 2006 to promote information and communication technology (ICT), social development, and knowledge sharing, and to reduce the divide between countries in access to digital services. The fund leverages the Republic of Korea’s expertise in ICT to help ADB scale-up the use of technology and knowledge sharing to support economic and social development.
The third agreement outlines a $5 million contribution by the Government of the Republic of Korea to the Asia Pacific Project Preparation Facility (AP3F), a multidonor trust fund which provides technical support to DMCs for the preparation of sustainable and inclusive PPP projects to fill the infrastructure gap in Asia and the Pacific. AP3F was established in 2015 by Australia, Canada, and Japan as founding financing partners, along with ADB which manages and operates the facility. Through its technical support, AP3F aims to address key development challenges including climate change and gender equality, and to promote digital innovation and quality infrastructure investment in the region.
“I am pleased to sign a memorandum of understanding for ADB and the Government of Korea to work together to establish the ADB-Korea Climate Technology Hub,” said ADB President Masatsugu Asakawa. “Based in Korea, the K-Hub will connect ADB’s developing member countries to experts, service providers, and other key stakeholders to harness the potential of technology in the battle against climate change.”
"The Republic of Korea is proud to help economies of Asia and the Pacific to meet their development needs," said the Republic of Korea's Deputy Prime Minister and Minister of Economy and Finance Kyung-ho Choo. "I hope K-Hub would be a platform for governments and companies around the world to explore climate solutions and share climate technology and knowledge. Also, I'm pleased to see Korea participating in ADB's key areas such as AP3F, by cooperating with various stakeholders.”
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.