ADB works with international development agencies, multilateral and bilateral institutions, private institutions, and other emerging development partners to fund activities that improve people's lives in the region.
Multilateral agencies are institutions established or chartered by more than one country to provide financial support and professional advice for economic and social development activities in developing countries.
Asian Infrastructure Investment Bank
Established in January 2016, the Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with its principal office in Beijing, the People's Republic of China. The purpose of the AIIB is to: (i) foster sustainable economic development, create wealth, and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors; and (ii) promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions. AIIB is expected to become an important partner of ADB in regional development through cofinanced projects and joint analytical work. ADB has identified potential cofinancing projects with AIIB in areas such as transport, renewable energy, urban development, and water.
The Commonwealth Secretariat is the principal intergovernmental agency of the Commonwealth of Nations, a voluntary association of independent and equal sovereign states bound together by respect for all states and peoples, by shared values and principles, and by concern for the vulnerable, as outlined in the Charter of the Commonwealth. It is responsible for convening summits and high-level meetings, including Commonwealth Heads of Government Meetings, and for executing plans agreed on by the heads of government at such meetings; promoting Commonwealth values and principles; providing technical assistance and policy advice; and facilitating the work of the Commonwealth organizations. The Commonwealth pursues democracy, inclusive economic and social development, good governance, knowledge management, and youth development.
Eurasian Development Bank
Established by the Russian Federation and the Republic of Kazakhstan in 2006, the Eurasian Development Bank (EDB) is an international financial organization with the aim of promoting economic growth in its member states, extending trade and economic ties between them, and supporting integration in Eurasia. Armenia and Tajikistan joined EDB in 2009, Belarus in 2010, and the Kyrgyz Republic in 2011. EDB also acts as manager of the resources of the Eurasian Fund for Stabilization and Development (formerly known as the Anti-Crisis Fund of the Eurasian Economic Community). Hence, EDB is committed to overcoming the consequences of global financial and economic crises in member countries of the Eurasian Fund for Stabilization and Development, ensuring their long-run economic and financial stability, and fostering economic integration between member countries. In 2016, EDB provided $125 million in cofinancing to support two projects in the Kyrgyz Republic.
Framework Agreement with the Eurasian Development Bank
Total current commitment: $1 billion
Approved for projects: $435 million for 5 projects
ADB and the Eurasian Development Bank (EDB) signed a framework cofinancing agreement in May 2013 during the 46th ADB Annual Meeting in Delhi, India. The agreement provides for EDB cofinancing of $715 million over 3 years (2013–2016). The agreement supports the agriculture, energy, public service, and transport sectors and covers four common member countries—Armenia, Kazakhstan, the Kyrgyz Republic, and Tajikistan. Although all projects under the framework agreement will be collaborative, EDB agreed that all projects to be cofinanced under the agreement will be subject to ADB policies on safeguards, anticorruption, and public communications, including ADB's Integrity Principles and Guidelines. In September 2014, ADB and EDB agreed to amend their agreement to include other methods of cofinancing on a project-by-project basis. In 2015, EDB provided a $150 million additional cofinancing for a transport project in Central Asia. In March 2016, ADB and the Eurasian Development Bank agreed on a new framework cofinancing agreement worth $1 billion to further enhance and deepen cooperation and institutional partnership, and explore new cofinancing opportunities in Armenia, Kazakhstan, Kyrgyz Republic, and Tajikistan over 5 years.
European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development (EBRD) operates in 36 countries, spanning three continents, including countries in Central and Eastern Europe, the Western Balkans, North Africa, and Central Asia. The EBRD invests directly in projects and engages in legal and policy reform that support the development of sustainable, well-governed, resilient, and inclusive market economies.
European Investment Bank
The European Investment Bank (EIB) is the largest international financial institution in the world with €83.8 billion of lending in 2016, of which €8.4 billion is for financing projects outside the European Union (EU). To date, Asia has received €5.8 billion, with the People's Republic of China accounting for 33% of total financing, India 21%, and Viet Nam 11%. This includes projects in climate change mitigation, economic infrastructure, private sector development, and projects supporting EU presence through foreign direct investment, and transfer of technology and knowhow. ADB's cofinancing with the EIB is focused on projects that mitigate carbon emissions or contribute to the adaptation to climate change.
Official development assistance (ODA) from the European Union (EU) amounts to about $16 billion per year, of which about $2 billion is allocated to Asia and the Pacific in pursuit of the sustainable development goals and promotion of human rights and good governance, health, education, sustainable agriculture, and food security. Besides ODA support to individual countries, regional assistance in Asia focuses on the environment and clean energy, food and agriculture, and cross-border cooperation in human and animal health. In close cooperation with Brussels-based Europe Aid and the EU country delegations, cofinancing takes the form of grants for technical assistance projects, as well as grants and loans for investment projects.
Joint statement on enhanced coordination between the European Commission's Directorate-General for International Cooperation and Development and the Asian Development Bank Issued on 8 May 2017
The European Commission's Directorate-General for International Cooperation and Development and the Asian Development Bank believe that stronger and better partnerships among international actors are key to the success of the 2030 Agenda for Sustainable Development. We will endeavour to strengthen our strategic dialogue, coordinate our approaches, and consider joint operational solutions that complement and generate synergies with our collaboration with other partners.
A framework for collaboration
By establishing a mechanism for regular consultation, we will aim to create an institutional environment at headquarter and country levels that will help maximise our joint impact on development processes by leveraging each other's interventions. To that end we will aim to:
- strengthen HQ and in-country policy dialogue and planning processes, by more systematically consulting upstream, sharing pipelines, and promoting joint analysis and joint initiatives;
- initiate transformational interventions, by making best and most effective use of the available financial resources and combining them where possible;
- improve the overall mobilisation, allocation, and delivery of resources, by working together to develop innovative financial solutions;
- deepen our partnership by encouraging active collaboration, exploring possibilities such as staff exchanges, joint training and other such initiatives; and
- establish a regular high-level consultation mechanism to set the priorities and themes for enhanced collaboration focused firmly on results.
In so doing, we reaffirm our shared commitment to making a decisive contribution to the 2030 Agenda for Sustainable Development, leaving no-one behind in the pursuit of a sustainable future for our planet and its peoples.
International Fund for Agricultural Development
Established in 1977, the International Fund for Agricultural Development (IFAD) is a specialized agency of the UN system and the only UN institution that is fully devoted to supporting the agriculture and rural sector. Its mandate is to support rural women, men, and youth to overcome poverty through empowerment and improvement of livelihood opportunities. In these areas, IFAD provides loans and grants, and has been an important cofinancing partner for ADB.
Framework Agreement with the International Fund for Agricultural Development
Approved for projects: $10 million for 1 project
The International Fund for Agricultural Development and ADB signed two key agreements in 2013 and 2014: a memorandum of understanding (MOU) and a framework cofinancing agreement for 2014–2017. In the MOU signed in September 2013, the two institutions agreed to facilitate collaboration in matters of common interest and to establish necessary working arrangements to further their cooperation. The MOU supersedes the 1978 Cooperation Agreement.
The framework cofinancing agreement supplements the MOU and further details the financing partnership arrangements to improve coordination and ensure resources are available to support projects. It was signed in December 2014 and effective for a 3-year period from 2014 to 2017.
Eligible countries include Afghanistan, Armenia, Bangladesh, Bhutan, Cambodia, India, Indonesia, the Kyrgyz Republic, the Lao People's Democratic Republic (Lao PDR), Myanmar, Nepal, Pakistan, Papua New Guinea, the Philippines, Samoa, Sri Lanka, Timor-Leste, Uzbekistan, and Viet Nam.
Islamic Development Bank
The Islamic Development Bank (IDB) is an international financial institution established in 1975 to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly, in accordance with the principles of Shari'ah or Islamic law. IDB developed a strategic framework to improve efficiency and services delivery to its member countries. Its operations may extend to financing health and education programs for Muslim communities in nonmember countries. Based on its strategic framework, IDB focuses on six priority areas: (i) human development; (ii) agricultural development and food security; (iii) infrastructure development; (iv) trade among member countries; (v) private sector development; and (vi) research and development in Islamic economics, banking, and finance. Eligible countries for financing are common members of IDB and ADB: Afghanistan, Azerbaijan, Bangladesh, Brunei Darussalam, Indonesia, Kazakhstan, the Kyrgyz Republic, Malaysia, the Maldives, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.
Islamic Development Bank Agreement
Total current commitment: $2.5 billion
Approved for projects: $1.2 billion for 12 projects
In 2008, the Islamic Development Bank (IDB) and ADB signed a framework cofinancing agreement to develop a strong institutional partnership. The agreement was the first for programmatic cofinancing between ADB and another multilateral development bank. Thus, IDB earmarked $2 billion in cofinancing for a shared pipeline of projects from 2009 to 2011.
In November 2011, IDB and ADB renewed their agreement to enhance the existing cooperation. Under the new agreement, IDB earmarked $2.5 billion to cofinance a joint pipeline covering projects in agriculture, education, energy, health, private sector development, regional cooperation, transport, and urban services from 2012 to 2014. In September 2014, IDB and ADB extended their agreement until 2017 under the same terms and coverage. Common member countries eligible for cofinancing under the agreement are Islamic countries, including Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, the Kyrgyz Republic, the Maldives, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.
As of end 2015, IDB has provided $1.22 billion in loan cofinancing for 12 projects consisting of $1.5 billion for 10 sovereign projects and $66.6 million for 2 nonsovereign projects. IDB and ADB collaborated two road projects in Kazakhstan and the Kyrgyz Republic in 2016.
Nordic Development Fund
As the joint development finance institution of the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden), the Nordic Development Fund (NDF) provides concessional financing for climate change-related projects in Africa, Asia, and Latin America, usually in collaboration with trusted partners including other Nordic and international financial institutions and multilateral development banks, including ADB.
Nordic Development Fund Arrangement
Approved for projects: $45.2 million for 17 projects
ADB and the Nordic Development Fund (NDF) signed a memorandum of understanding for institutional cooperation and cofinancing of programs and projects in January 2011. Under this arrangement, the NDF supports pilot projects on climate change mitigation and adaptation, particularly in areas of common interest in the energy, infrastructure, and natural resources sectors. The following ADB developing member countries are the current focus of NDF activities: Bangladesh, Cambodia, the Lao PDR, Nepal, Sri Lanka, and Viet Nam.
Nordic Development Fund contributes to the following ADB-administered fund:
Nordic Investment Bank
The Nordic Investment Bank is an international financial institution founded in 1975. It is owned by Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. It cooperates and cofinances projects with other international financial institutions and regional multilateral banks. It has lending operations in selected focus countries in Asia—the People's Republic of China, India, and Viet Nam.
OPEC Fund for International Development
TThe OPEC Fund for International Development (OFID) was established in 1976 by member states of the Organization of the Petroleum Exporting Countries (OPEC) to provide a multilateral financing facility to channel OPEC aid to developing countries. OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade. The priority focus of OFID's Corporate Plan 2016–2025 is the energy–water–food nexus, underpinned by transportation as the enabling sector. So far, 134 countries worldwide have benefited from OFID’s financial assistance. The bulk of its assistance has been directed to low-income countries considered most in need and to the poorest social groups in those countries.
OPEC Fund for International Development Agreement
Total current commitment: $600 million
Approved for projects: $184 million for 9 projects
The OPEC Fund for International Development (OFID) and ADB signed a framework cofinancing agreement in August 2016 to formalize support for projects in agriculture, education, energy (renewable energy and energy efficiency), health, transport, and water supply and sanitation. The agreement earmarked at least $600 million in cofinancing through 2021. The agreement resulted from the long-standing relationship between OFID and ADB, which was initially formalized in 2011 through a memorandum of understanding for more effective collaboration between the two institutions and the old framework cofinancing agreement which expired in April 2015.
The priority for OFID are the following ADB developing member countries: Armenia, Azerbaijan, Bangladesh, Bhutan, Cambodia, India, Kazakhstan, the Kyrgyz Republic, the Lao PDR, the Maldives, Mongolia, Nepal, Papua New Guinea, the Philippines, Samoa, Solomon Islands, Sri Lanka, Tajikistan, Tonga, Turkmenistan, and Uzbekistan.
SAARC Development Fund
The South Asian Association for Regional Cooperation (SAARC) Development Fund or SDF was established by the Heads of the eight SAARC Member States (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka) in April 2010 during the 16th SAARC Summit with its Secretariat at Thimphu, Bhutan. The Fund is to serve as the umbrella financial institution for SAARC projects and programs in fulfillment of the objectives of the SAARC Charter.
SDF has three funding windows: social, economic, and infrastructure. The social window primarily focuses on poverty alleviation and social development projects. The economic window is primarily devoted to non-infrastructural funding. The infrastructure window covers projects in the areas of energy, power, transportation, information and communication technology (ICT), telecommunications, environment, tourism and other infrastructure areas involving regional and/or crossborder connectivity.
SDF is currently implementing 13 regional cross-border projects with 80 implementing and lead implementing agencies covering all the eight member states. The SDF Secretariat has already committed $82.6 million out of which it has disbursed $40.54 million to the member states to date.
The United Nations is an international organization founded in 1945, and currently made up of 193 member states. It can take action on the current issues on peace and security, climate change, sustainable development, human rights, disarmament, terrorism, humanitarian and health emergencies, gender equality, governance, and food production. ADB cooperates with several UN organizations, including the Joint United Nations Programme on HIV/AIDS; United Nations Children’s Fund; United Nations Conference on Trade and Development; United Nations Development Programme; United Nations Economic and Social Commission for Asia and the Pacific; United Nations Educational, Scientific and Cultural Organization; United Nations Environment Programme; United Nations Human Settlements Programme; United Nations Industrial Development Organization; United Nations Office on Drugs and Crime; United Nations Population Fund; World Health Organization; World Tourism Organization.
World Bank Group
The World Bank Group includes (i) the International Bank for Reconstruction and Development, which aims to reduce poverty in middle-income countries and creditworthy poorer countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services; (ii) the International Development Association, which provides zero- to low-interest loans (credits) and grants to the world’s poorest countries; (iii) the International Finance Corporation, which blends investment with advice to assist the private sector in developing countries through its investment services, advisory services, and asset management; and (iv) the Multilateral Investment Guarantee Agency, which provides political risk insurance (guarantees) for projects in developing countries. ADB, the Inter-American Development Bank, and the Islamic Development Bank are members of AidFlows, a partnership and web tool managed by the World Bank and the Development Assistance Committee of the Organisation for Economic Co-operation and Development. AidFlows visualizes, country by country, the sources and uses of development-related financial flows. In 2016, cofinancing between the World Bank and ADB reached almost $3 billion covering 10 investment projects.
Bilateral agencies operate under governments of individual countries. They are dedicated to advancing foreign policy goals while contributing to the economic and social development of recipient developing countries.
The Government of Abu Dhabi established the Abu Dhabi Fund for Development in 1971 as an independent entity with the primary mandate to implement the government’s foreign policy goals. These goals include supporting developing countries through financing of development projects as concessionary loans, development grants, and equity participation, as well as administering these projects. This fund provides long-term loans with low interest rates to public sector projects guaranteed by the beneficiary government. It also provides direct equity investments to encourage the private sector in the recipient countries to play a more active role in accelerating the economic development process.
Abu Dhabi Fund for Development Arrangement
Approved for projects: $60 million for 2 projects
Aimed at increasing cooperation, the Abu Dhabi Fund for Development (ADFD) and ADB signed their first memorandum of understanding (MOU) in February 2012. The arrangement provides a general framework for both institutions to develop and undertake collaborative work to pursue common objectives more strategically and effectively. Education, energy, finance, health, regional initiatives, trade, transport, and the urban services sectors were identified as priority areas of cooperation. All of ADB’s developing member countries are eligible for ADFD cofinancing. As of the end of 2016, AFD had provided $60 million for two projects under the agreement.
Australia and ADB work together in the Pacific, and are committed to deeper cooperation through policy-level cooperation and project cofinancing. Australian aid is focused on the key priority areas of health; education; economic development; governance; building resilience (humanitarian assistance, disaster risk reduction, and social protection); climate change; gender equality; and empowering women and girls. The bulk of Australia's official development assistance (ODA) is managed through its Department of Foreign Affairs and Trade (DFAT). ADB and DFAT collaborate on knowledge development, joint operations within their overall strategies, and on the global development agenda. Over the last 5 years, Australia has been ADB's largest partner for grants. ADB and DFAT signed a new framework for cooperation in February 2016 covering 2016–2020 to reinforce their partnership in facilitating trade and investment, promote international competitiveness, support private sector growth, and collaborate on transformative initiatives in the Pacific, especially in the areas of climate change, renewable energy, trade and investment, and private sector development. The DFAT–ADB partnership will also work to build public awareness and promote transparency of its activities and outcomes.
Australia contributes to the following ADB-administered funds:
- ADB Institute Special Fund
- Asia Pacific Project Preparation Facility
- Australian Technical Assistance Grant
- Carbon Capture and Storage Fund
- Clean Energy Fund
- Cooperation Fund for Regional Trade and Financial Security Initiative
- Gender and Development Cooperation Fund
- Multi-Partner Trust Fund under the Water Financing Partnership Facility
- Pacific Business Investment Trust Fund
- Regional Malaria and Other Communicable Disease Threats Trust Fund
The Federal Ministry of Finance of Austria continues to support ADB through trust funds for urban development, water and sanitation, energy, and climate change as well as in secondments. In addition, the Austrian Development Bank finances private sector activities in the region in collaboration with other international financial institutions and European Development Finance Institutions. Austria's assistance focuses mainly on the following sectors: sustainable energy, climate protection, water and sanitation, private and financial sector development, and urban development.
Austria contributes to the following ADB-administered fund:
Official development assistance is organized under the Ministry of Foreign Affairs, Foreign Trade and Development Cooperation, with the Directorate-General for Development Cooperation and Humanitarian Aid responsible for development policy. The International and European Financial Affairs, under the Ministry of Finance, serves as Belgium's contact point with international financial institutions and the European Union, and coordinates the country's bilateral financial relations with foreign countries. In Asia, Viet Nam is among Belgium's partner countries and Afghanistan among its top 25 nonpartner countries.
Belgium contributes to the following ADB-administered funds:
ADB maintains collaboration with the Government of Canada through Global Affairs Canada (GAC), formerly the Department of Foreign Affairs, Trade and Development (DFATD). GAC is Canada's lead department for development assistance, and the Department of Finance Canada. The Asia Program of GAC concentrates on three priority sectors: sustainable economic growth, children and youth (through health and education), and food security. Canada's work with ADB in Asia is mainly in Afghanistan, Bangladesh, Indonesia, Pakistan, the Philippines, Sri Lanka, and Viet Nam, as well as in other parts of Southeast Asia. Canada provides untied grants for technical assistance. In March 2015, Canada contributed to the Asia Pacific Project Preparation Facility. The facility provides financial assistance to ADB's designated developing member countries and their public sector agencies to support the financial, legal, and technical advisory services required to prepare and structure transactions with the objective of promoting public-private partnerships.
Canada contributes to the following ADB-administered funds:
People's Republic of China
ADB collaborates with the People's Republic of China (PRC) mainly through the Ministry of Finance, the Export–Import Bank of China (China Eximbank), and domestic commercial entities such as the China Construction Bank. China Eximbank functions as the implementing agency of the PRC's official development assistance loans. In March 2006, ADB and China Eximbank signed a memorandum of understanding under which they agreed to establish and develop a cooperative cofinancing relationship to promote the economic development of Asia and the Pacific. With the creation of the PRC Regional Cooperation and Poverty Reduction Fund in 2005, the PRC and ADB have been working together to support regional cooperation, poverty reduction, and knowledge sharing among the developing member countries (DMCs), particularly in the Greater Mekong Subregion (GMS) and the Central Asia Regional Economic Cooperation (CAREC) countries. The PRC Fund is the first and only trust fund established by an ADB DMC. It supported 65 ADB-approved projects worth $30.23 million from 2005 to 2015.
Agreement with the China Eximbank
Approved for projects: $75.6 million for 1 project
In May 2009, the Export-Import Bank of China (China Eximbank, a state bank in the PRC) and ADB signed a framework cofinancing agreement to deepen their institutional partnership along the lines of programmatic cofinancing. The agreement, built on a memorandum of understanding signed in 2006, aimed at simplifying access to financing for infrastructure projects by governments, subsovereign borrowers, and private entities.
In 2012, the two organizations conducted a joint retreat in Beijing to deepen mutual understanding of cofinancing operations. The first cofinancing approved under the agreement was a $75.6 million loan in 2013. All of ADB’s DMCs eligible for ordinary capital resources are qualified for cofinancing under the agreement.
The PRC contributes to the following ADB-administered funds:
The Ministry of Foreign Affairs administers development cooperation. The Danish International Development Agency, under the Ministry of Foreign Affairs, is responsible for the planning, implementation, and quality assurance of Denmark's development cooperation. For 2016–2019, the Danish development cooperation seeks to evolve and respond to global challenges and needs. Development cooperation will include poverty reduction, human rights, and security and stability by supporting fragile states, ensuring protection of and assistance to refugees and internally displaced people, and addressing causes of migration. Denmark will also work on enhancing sustainable growth and employment by increased focus on advancing investments, trade, private initiative, economic freedom, and entrepreneurship in developing countries. In Asia, Denmark's focus is on Afghanistan, Bangladesh, and Myanmar.
Denmark contributes to the following ADB-administered funds:
The Ministry of Foreign Affairs handles development. Cooperation with ADB in recent years has included grant support for a rural poverty reduction project in Cambodia, and education sector reform in Nepal. Finland also supports the Core Environment Program in the Greater Mekong Subregion. Finland's focus is on its long-term partner countries in Asia (Nepal and Viet Nam); countries recovering from disasters and crises (Afghanistan); regional cooperation (Mekong and Central Asia); and thematic cooperation in environment and natural resource conservation (Cambodia, Indonesia, and the Lao People's Democratic Republic). In addition, Finland supports the peace process in Myanmar.
Finland contributes to the following ADB-administered funds:
Bilateral official development assistance is handled primarily by Agence Française de Développement (AFD), which in March 2010 stepped up cooperation with ADB under a partnership framework agreement. In October 2016, ADB and AFD signed a new Partnership Framework Agreement for 2016–2022 with the aim of reaching $1.5 billion in cofinancing from each for the first 3 years of collaboration. AFD and ADB intend to focus their future collaboration in some key areas: sustainable cities, urban transport, climate change, social protection, railways, and air pollution. AFD has provided extensive loan support as well as project preparatory technical assistance grants for ADB projects in a wide range of sectors, particularly in Cambodia, Myanmar, and Viet Nam.
Framework Agreement with Agence Française de Développement
Total current commitment: $1.5 billion
Approved for projects: $1.43 billion for 20 projects
Agence Française de Développement (AFD) and ADB signed two key agreements in 2010: a partnership framework agreement for 2010–2016 and a framework cofinancing agreement for 2010–2013. In the partnership framework agreement, the two institutions agreed to enhance institutional, research, and knowledge cooperation, and to pursue operational cooperation in the form of cofinancing, joint research and development of knowledge products, a staff exchange program, and regular policy dialogue in the spirit of the Paris Declaration on Aid Effectiveness.
An amended and restated framework cofinancing agreement was signed in May 2013 during the 46th ADB Annual Meeting in Delhi, India. The amended agreement aims to reach $1.3 billion in cofinancing from each institution until 2016. Eligible countries include Afghanistan, Armenia, Azerbaijan, Bangladesh, Cambodia, the People's Republic of China (PRC), Georgia, India, Indonesia, Kazakhstan, the Lao People's Democratic Republic (Lao PDR), Myanmar, Pakistan, the Philippines, Sri Lanka, Thailand, Uzbekistan, and Viet Nam.
ADB and AFD renewed their cooperation with the signing of a new $1.5 billion Framework Partnership Agreement in October 2016. The two institutions agreed to strengthen their collaboration in climate change, social protection, transport, and urban development from 2016 to 2022.
France contributes to the following ADB-administered funds:
Germany, through the Federal Ministry for Economic Cooperation and Development (BMZ), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and the KfW Group (KfW), supports the implementation of the Agenda 2030 for sustainable development and the Paris Agreement (COP21). The guiding principles of Germany's development cooperation will be protecting human rights and fostering the developing countries' sense of ownership and ability to help themselves. Its goals include freedom and security for all; and a life without poverty, fear, and environmental destruction. To help achieve this, Germany will focus on education, health, rural development, climate change mitigation and adaptation, good governance, and sustainable economic development. German development cooperation focuses on 18 countries in Asia. GIZ provides technical assistance in political, economic, and social change processes to support Germany in achieving its development objectives. The KfW is contributing to reduce poverty, ensuring that globalization affords opportunities for everyone, protecting the climate, conserving natural resources, and safeguarding peace. Since 2014, KfW provided $2 billion for projects and programs cofinanced with ADB.
Total commitment: $2 billion
Approved for projects: $1.81 billion for 8 projects
On 2 July 2014, ADB and KfW signed a memorandum of understanding (MOU) for a $2 billion collaborative cofinancing to help promote development in Bangladesh, India, Indonesia, Mongolia, and Viet Nam. The identified sectors and areas of common interest are renewable energy and energy efficiency, urban infrastructure including urban mobility, climate and small and medium-sized enterprises financing, vocational training, and regional integration. Following the signing of the MOU, ADB and KfW agreed to further explore cofinancing operations in Afghanistan, the PRC, Myanmar, Nepal, and Sri Lanka. ADB and KfW also agreed to strengthen cooperation to harmonize each institution's design and project implementation processes, joint knowledge management events and research, staff exchange, and retreats and training. This critical partnership helps ADB and its developing member countries to scale-up and expand cofinancing operations in sectors of highest priority.
Germany contributes to the following ADB-administered fund:
The Export–Import Bank of India (Exim Bank) was established by an act of Parliament and began operations on 1 March 1982. It is a wholly government-owned financial institution designed to finance, facilitate, and promote India's foreign trade. The Government of India launched the institution with a mandate to enhance exports from India and integrate the country's foreign trade and investment with the overall economic growth. Exim Bank has been both a catalyst and a key player in the promotion of cross-border trade and investment, and plays a major role in partnering with Indian industries, particularly the small and medium-sized enterprises through a wide range of products and services (import of technology, export product development and production, export marketing, pre-shipment and post-shipment, and overseas investment). The State Bank of India, on the other hand, is India's largest bank. It is owned by the government and based in Mumbai, Maharashtra. It is one of the "Big Four" banks of India, along with Bank of Baroda, Punjab National Bank, and ICICI Bank.
Managed by the Department of Foreign Affairs and Trade, Irish Aid is Ireland’s program of assistance to developing countries. In Asia, Timor-Leste and Viet Nam are priority countries for Irish Aid.
Ireland contributes to the following ADB-administered funds:
The Ministry of Foreign Affairs and International Cooperation coordinates official development assistance. Bilateral cooperation with ADB is largely through technical assistance grants. Priority countries of bilateral development cooperation in Asia are Afghanistan, Myanmar, and Pakistan.
The Ministry of Foreign Affairs and the Ministry of Finance, primarily, handle official development assistance through the Japan International Cooperation Agency (JICA). Japan cooperates extensively with ADB throughout Asia and the Pacific through loans as well as grants and technical assistance. In December 2015, ADB and JICA signed a memorandum of understanding for strategic partnership for sustainable and inclusive development through promotion of quality infrastructure investment in Asia and the Pacific. Under this partnership, the Leading Asia's Private Sector Infrastructure Fund was established in ADB in March 2016 by JICA's investment to finance private sector projects through measures such as public–private partnership. The fund targets to invest and finance up to $1.5 billion in the next 5 years. ADB and JICA will also cofinance sovereign projects in the amount of $10 billion in 5 years. Japan's cooperation with ADB also includes the Japan Fund for Poverty Reduction (JFPR), which gives priority to technical assistance related to quality infrastructure projects. In the past, the fund provided, among others, support to Myanmar's transition with grants and technical assistance, and emergency assistance to the recovery and reconstruction from disasters. In addition, Japan provides scholarships under the Japan Scholarship Program and contributes to multidonor and thematic trust fund such as the Asia Pacific Project Preparation Facility.
Japan International Cooperation Agency Arrangement
Total current commitment: $5 billion
Approved for projects: $837.2 million for 2 projects
Japan contributes to the following ADB-administered funds:
- ADB Institute Special Fund
- Afghanistan Infrastructure Trust Fund
- Asia Pacific Project Preparation Facility
- Asian Clean Energy Fund
- Cooperation Fund for Regional Trade and Financial Security Initiative
- Credit Guarantee and Investment Facility
- Investment Climate Facilitation Fund
- Japan Fund for Information and Communication Technology
- Japan Fund for Poverty Reduction
- Japan Fund for Public Policy Training
- Japan Fund for the Joint Crediting Mechanism
- Japan Scholarship Program
- Japan Special Fund
- Leading Asia’s Private Sector Infrastructure Fund
- Regional Cooperation and Integration Fund
Republic of Korea
TThe Ministry of Strategy and Finance provides loans to governments of developing countries or to corporations as a direct form of official development assistance (ODA). Funds are managed by the Economic Development Cooperation Fund and implemented by the Export–Import Bank of Korea. In line with current global concerns about climate change and environment protection, green growth projects have top priority. For environmental protection, the Republic of Korea's ODA supports projects involving potable water supplies, wastewater treatment, and solid waste treatment. To address climate change, the Republic of Korea is focused on renewable energy projects, such as photovoltaic power, wind power, small hydropower, and bioenergy. In May 2015, the Ministry of Strategy and Finance and ADB renewed their commitment of $600 million for concessional loans until May 2018 to cofinance ADB projects and programs. Key areas for cofinancing include renewable energy, energy efficiency, water supply and sanitation, waste treatment, sustainable transportation, vocational education and training, information and communication technology on public governance, finance, and education reform.
Republic of Korea Arrangement
Total current commitment: $600 million
Approved for projects: $406.06 million for 5 projects
The Ministry of Strategy and Finance of the Republic of Korea and ADB signed a memorandum of understanding on enhancements to cofinancing arrangements in 2008, renewed it in 2011 and then in May 2015. The commitment amount of $600 million is for concessional cofinancing projects until May 2018. The arrangement, implemented by the Export–Import Bank of Korea, was signed and renewed for renewable energy, energy efficiency, water supply and sanitation, waste treatment, agriculture and/or agribusiness, sustainable transport, vocational education and training, information and communication technology, technology-based public governance, finance, and education reform. Priority countries eligible under the current arrangement are Bangladesh, Cambodia, Indonesia, the Lao PDR, Mongolia, Myanmar, Nepal, Pakistan, the Philippines, Sri Lanka, Uzbekistan, and Viet Nam.
The Republic of Korea contributes to the following ADB-administered funds:
The Kuwait Fund for Arab Economic Development (Kuwait Fund) helps Middle Eastern countries and other developing countries build their economies. The fund extends assistance to central and provincial governments; public utilities and other public corporations; and international, regional, or national development institutions. It also supports corporate entities that undertake projects jointly owned by some developing countries as well as mixed or private corporate enterprises oriented toward development rather than profit. The operations of the Kuwait Fund are focused primarily on agriculture and irrigation, transport and communications, energy, industry, and water and sewage.
Kuwait Fund Arrangement
Approved for projects: $17 million for 1 project
In 2015, ADB and the Kuwait Fund signed a memorandum of understanding (MOU) on establishing cooperation arrangements during the 48th ADB Annual Meeting in Baku, Azerbaijan. The MOU marked a formal collaboration between the two institutions, envisioning to strengthen partnership at the institutional level and the programmatic cofinancing at the project level. Under the MOU, the two institutions also signed a project-specific arrangement. Kuwait Fund provided $17 million collaborative additional cofinancing for an agriculture project in Nepal.
The Ministry of Finance handles support for multilateral development banks, including ADB. Besides participating in the replenishments of the Asian Development Fund, Luxembourg has contributed to the Asian Tsunami Fund, the Asia Pacific Carbon Fund, and the Financial Sector Development Partnership Special Fund. Bilateral programs and support for UN agencies are under the responsibility of the Ministry of Foreign Affairs and its executing agency, Lux-Development. Its main partner countries in Asia include the Lao PDR and Viet Nam, and recently, Myanmar.
Luxembourg contributes to the following ADB-administered funds:
The Netherlands Development Cooperation is managed by the Ministry of Foreign Affairs. ADB and the Netherlands coordinate work under the general agreement on operational arrangements related to cofinancing of projects and programs. In Asia, the Netherlands focuses on Afghanistan, Bangladesh, Indonesia, Myanmar, and Viet Nam. Its support for the Netherlands Trust Fund under the Water Financing Partnership Facility has been extended to 2017.
The Netherlands contributes to the following ADB-administered funds:
The New Zealand Aid Programme delivers New Zealand's development assistance and is managed by the Ministry of Foreign Affairs and Trade. Sustainable economic development is the core focus of program activities, leveraging New Zealands's strengths and supporting ICT and related applications (e.g., e-Health and e-Education), transformative sectors, education, energy, fisheries, health, rural development and agribusiness, and transport. The program emphasizes partnerships. The Government of New Zealand partners with ADB to leverage its assistance in the Pacific, New Zealand's geographic focus.
New Zealand contributes to the following ADB-administered fund:
In Asia, Norway's main development partners are Afghanistan, Myanmar, and Nepal. Countries which receive development assistance or technical cooperation programs from Norway include Bangladesh, the PRC, India, Indonesia, Pakistan, Sri Lanka, and Viet Nam. The main sectors supported are education (priority to educational programs for girls), health and vaccination, private sector development, climate change adaptation and mitigation (including energy), energy, good governance, and human rights. In Asia, Afghanistan is the largest recipient of Norway's humanitarian assistance.
Norway contributes to the following ADB-administered funds:
The Ministry of Foreign Affairs is responsible for Portugal's official development assistance to developing countries. Focusing on fragile states, Portugal aims to promote education, finance, and economic growth in Portuguese-speaking countries, such as Timor-Leste in Asia.
Portugal contributes to the following ADB-administered fund:
Kingdom of Saudi Arabia
The Saudi Fund for Development (SFD) is a government agency established by the Kingdom of Saudi Arabia in September 1974. Having launched its formal operations in March 1975, the agency participates in financing development projects that primarily promote the social and economic well-being in the least developed and low income countries. SFD provides concessional and untied assistance for development projects. Its operations have no geographical and sector limitations. Since 1999, SFD has offered export credit and insurance for non-crude oil national exports to encourage domestic economic diversification and contribute to development within receiving countries. SFD contributed $20 million in 2016 for a transport project in the Kyrgyz Republic.
Singapore is an active member of the Association of Southeast Asian Nations (ASEAN), and has been working with ADB on various initiatives, including the ASEAN Infrastructure Fund. The Government of Singapore and ADB signed a memorandum of understanding in May 2012 to strengthen cooperation in sharing knowledge, research, and innovation, as well as project preparation and capacity development activities. In line with ADB's Strategy 2020 priorities and Singapore's expertise, the partnership's three key areas include: governance and public policy; private sector development; and infrastructure, urban development, and climate change.
Singapore contributes to the following ADB-administered fund:
The Spanish Agency for International Development Cooperation is managed by three ministries: the Ministry of Economy, Industry and Competitiveness; the Ministry of Energy, Tourism and Digital Agenda; and the Ministry of Foreign Affairs and Cooperation. In cooperation with ADB, Spain supports trust funds on energy and water. In Asia, it is interested in financing projects in Bangladesh, Cambodia, the Philippines, Sri Lanka, Timor-Leste, and Viet Nam.
Spain contributes to the following ADB-administered funds:
While core resources for ADB (and the Asian Development Fund) are decided by the Ministry for Foreign Affairs, Sweden's development assistance is managed through the Swedish International Development Cooperation Agency (Sida). Sida expanded its partnership with ADB in 2006 with a substantial portfolio risk transfer guarantee. In November 2016, Sida and ADB replaced the 2006 General Agreement with a new general agreement for cofinancing operations. Based on Sida's new strategy for regional development cooperation for Asia 2016–2021, geographical priority which previously focused on Southeast Asia now includes South Asia and small island states in the Pacific. Sweden's bilateral development cooperation in Afghanistan, Bangladesh, Cambodia, and Myanmar remains.
Sweden contributes to the following ADB-administered funds:
Development cooperation is coordinated between the Swiss Agency for Development and Cooperation (SDC) within the Federal Department of Foreign Affairs, and the State Secretariat for Economic Affairs (SECO) within the Federal Department of Economic Affairs, Education and Research, which are ADB's counterpart agencies. Cooperation with Switzerland has largely focused on project-specific cofinancing and on trust funds. SECO's priority countries in Asia are Indonesia and Viet Nam; while SDC's priority countries in Asia are on the Mekong Region (Cambodia, the Lao PDR, and Myanmar); Afghanistan; Bangladesh; Mongolia; Nepal; and Pakistan. Both SECO and SDC are active in Azerbaijan, the Kyrgyz Republic, Tajikistan, and Uzbekistan.
Switzerland contributes to the following ADB-administered funds:
The International Cooperation and Development Fund is dedicated to boosting socioeconomic development, enhancing human resources, and promoting economic relations in a range of developing partner countries, particularly through bilateral and multilateral cooperation with partner governments and international organizations. The fund also offers humanitarian assistance and provides aid in the event of natural disasters or international refugee crises.
The United Kingdom (UK) focuses its overseas development assistance (ODA) on strengthening global security, resilience and response to crisis, promoting global prosperity, and tackling extreme poverty. The Department for International Development (DFID) is the UK Government's lead development agency but is allocating an increasing share of ODA through other ministerial departments and cross-government funds. These include the Department for Business, Energy and Industrial Strategy that works in areas including climate change and clean energy; the Foreign and Commonwealth Office that provides development funding in areas including conflict reduction and human rights, and climate change; and the Ministry of Defence that supports DFID's work in fragile states and regions, specifically around stabilization. Cross-government funds include the Conflict Stability and Security Fund to support global security, and the new Prosperity Fund to promote economic growth and private sector opportunities. In line with the UK's Aid Strategy, DFID, the leading provider of UK ODA, plans to allocate 50% of its spending to fragile states and regions.
In Asia, DFID primarily focuses on Afghanistan, Bangladesh, India (selected states), Myanmar, Nepal, and Pakistan. ADB is a larger external financier than the UK in all of these countries except Afghanistan, and ADB helps the UK achieve development outcomes in key sectors including where DFID bilateral programs do not have the relevant capacity, expertise, and experience. Reflecting this, significant DFID bilateral funding is channeled through cofinancing to ADB in-country and regional projects, such as the Pakistan Economic Corridor Program.
DFID also supports several ADB trust funds, including the Regional Malaria and Other Communicable Disease Threats Trust Fund, Urban Climate Change Resilience Trust Fund, and the Typhoon Yolanda Multi-Donor Trust Fund. The Department for Business, Energy and Industrial Strategy supports the Carbon Capture and Storage Fund and Clean Energy Fund.
The United Kingdom contributes to the following ADB-administered funds:
As the lead government development agency, the United States Agency for International Development (USAID) works in partnership with international organizations and bilaterally with its partners to (i) increase food security; (ii) promote global health and strong health systems; (iii) reduce climate change impacts and promote low emissions growth; (iv) promote sustainable, broad-based economic growth; (v) expand and sustain the ranks of stable, prosperous, and democratic states; (vi) provide humanitarian assistance and support disaster mitigation; and (vii) prevent and respond to crises, conflict, and instability. USAID collaborates with ADB at country and regional levels in clean energy, climate change, water and sanitation, health, and donor coordination, as well as with ADB's North American Representative Office in Washington, DC. USAID looks forward to closer collaboration with ADB in addressing food security in Myanmar, investing in Afghanistan through the Afghanistan Infrastructure Trust Fund (AITF), and participating in regional initiatives in the Mekong Region and Central Asia. In 2016, USAID provided $10 million cofinancing to support an earthquake emergency project in Nepal.
The United States contributes to the following ADB-administered funds:
Global funding initiatives are managed by other multilateral banks. As intermediary, ADB helps developing member countries gain access to these funds.
Climate Investment Funds
The Climate Investment Funds (CIF) are a unique pair of financing instruments designed to pilot what can be achieved to initiate transformational change toward low-carbon and climate-resilient development through scaled-up financing channeled through multilateral development banks, including ADB.
Clean Technology Fund (CTF)
The CTF empowers transformation in middle income and developing countries by providing resources to scale up the demonstration, deployment, and transfer of low-carbon technologies with a signifcant potential for long-term greenhouse gas emissions savings.
Strategic Climate Fund (SCF)
The SCF serves as an overarching framework to support three targeted programs with dedicated funding to pilot new approaches with potential for scaled-up, transformational action aimed at a specific climate change challenge or sector response.
Targeted programs under the SCF include:
- The Forest Investment Program (FIP) aims to support developing countries' efforts to reduce emissions from deforestation and forest degradation by providing scaled-up financing for readiness reforms and public and private investments. It will finance programmatic efforts to address the underlying causes of deforestation and forest degradation and to overcome barriers that have hindered past efforts to do so.
- The Pilot Program for Climate Resilience (PPCR) aims to pilot and demonstrate ways to integrate climate risk and resilience into core development planning, while complementing other ongoing activities.
- The Program for Scaling-Up Renewable Energy in Low Income Countries (SREP) is aimed at demonstrating the social, economic, and environmental viability of low carbon development pathways in the energy sector. It seeks to create new economic opportunities and increase energy access through the production and use of renewable energy.
Global Environment Facility
The Global Environment Facility (GEF) was established on the eve of the 1992 Rio Earth Summit to help tackle the planet's most pressing environmental problems. Since then, the GEF has provided $14.5 billion in grants and mobilized $75.4 billion in additional financing for almost 4,000 projects. The GEF has become an international partnership of 183 countries, international institutions, civil society organizations, and private sector to address global environmental issues.
Global Agriculture and Food Security Program
The Global Agriculture and Food Security Program (GAFSP) is a multilateral mechanism to assist in the implementation of pledges made by the G20 in Pittsburgh in September 2009. The objective is to improve incomes and food and nutrition security in low-income countries by boosting agricultural productivity. Approximately 75% of the poor live in rural areas and most depend on agriculture for their livelihoods. Agriculture growth is two to four times more effective at reducing poverty than growth in any other sector. GAFSP addresses the underfunding of country and regional agriculture and food security strategic investment plans that are already being developed by countries in consultation with donors and other stakeholders at the country-level.
Green Climate Fund
ADB became the first multilateral development bank accredited to the only standalone multilateral financing entity of the United Nations Framework Convention on Climate Change (UNFCCC)—the Green Climate Fund (GCF). The fund was established by 194 governments, guided by the principles and provisions of the UNFCCC. This financial mechanism aims to respond to climate change by investing in low-emission and climate-resilient development, particularly for the least developed countries.
ADB has engaged with the following private sector partners to catalyze grant contributions for trust funds, technical assistance, and investment projects.
Bill & Melinda Gates Foundation
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy and productive lives. In developing countries, it focuses on improving people's health, giving them the chance to lift themselves out of hunger and extreme poverty. More specifically, its Water, Sanitation and Hygiene program concentrates on urban sanitation and public policies that support new sanitation delivery models in cities. ADB has received a grant from the foundation for piloting innovative sanitation solutions (new policies, business models, and technologies) to increase support for non-sewered sanitation and septage management, and strengthen regional response to malaria and other communicable disease.
Bill & Melinda Gates Foundation contributes to the following ADB-administered fund:
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces, and transports crude oil and natural gas; refines, markets, and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California. Recently, Chevron committed to provide support for scaling-up high-quality training programs in the sectors of information technology, construction, and light engineering in connection with ADB's Skills for Employment Investment Program. More information about Chevron is available at www.chevron.com.
Credit Suisse is a leading global financial services company headquartered in Zurich. Credit Suisse contributed grant and expertise to the Inclusive Business Support facility, which provides technical assistance to promote investment in inclusive business in ADB's developing member countries. Credit Suisse's expertise contribution is to deploy up to six staff members every year for 3 years as part of its Global Citizens Program to provide specialized business expertise to companies targeting low-income communities. This innovative public–private partnership initiative was further enhanced by Credit Suisse who provided training to bankers and impact investors to equip them with skill sets required for structuring financing for inclusive business deals and providing expertise to ADB on local currency solutions.
Korea Energy Agency
Korea Energy Agency (KEA), formerly Korea Energy Management Corporation, is a public institution responsible for the implementation of energy conservation policies, energy efficiency improvement measures, new and renewable energy deployment, and climate change mitigation activities. The Ministry of Trade, Industry and Energy established it in 1980 under the Rational Energy Utilization Act. KEA has been at the center of laying the foundation for a low energy consumption society and mainstreaming an energy-efficient culture, from energy audit services that identify energy saving potential in energy-intensive business sites, to ICT-based optimization of energy use patterns in industrial and buildings sector. KEA has been operating joint consulting projects with ADB, the Inter-American Investment Corporation, the United Nations Industrial Development Organization, and the World Bank to assist developing member countries by incorporating lessons learned from KEA's experiences.
The Rockefeller Foundation
For more than 100 years, The Rockefeller Foundation's mission has been to promote the well-being of humanity throughout the world. Today, The Rockefeller Foundation pursues this mission through dual goals: advancing inclusive economies that expand opportunities for more broadly shared prosperity, and building resilience by helping people, communities, and institutions prepare for, withstand, and emerge stronger from acute shocks and chronic stresses. To achieve these goals, The Rockefeller Foundation works at the intersection of four focus areas—advance health, revalue ecosystems, secure livelihoods, and transform cities—to address the root causes of emerging challenges and create systemic change.
The Rockefeller Foundation contributes to the following ADB-administered fund:
ADB has also worked with other partners through concessional cofinancing.
Bank of Beijing
The Bank of Beijing (BOB) is a Sino-foreign joint stock commercial bank established in 1996. Relying on the prosperous domestic economy, BOB has achieved several strategic milestones, including introducing overseas strategic investors, public listing, and geographic expansion. Currently, BOB has set up almost 400 branches in not only over 10 domestic major cities, including Beijing, Tianjin, Shanghai, Xi'an, Shenzhen, Hangzhou, Changsha, Nanjing, Jinan, and Nanchang, but also in Hong Kong, China and the Netherlands. The success of BOB has established a classic development pattern for small- and medium-sized banks. BOB creates leading performance of all financial indicators internationally and ranks first among all regional banks in the PRC in corporate value. BOB holds a brand value of CNY26.3 billion and ranks No. 87 in Tier-1 capital on the latest World Top 1000 Banks list, and belongs to the World Top 100 for 2 consecutive years. The BOB is regarded as the small- and medium-sized bank with the greatest innovation capability and development potential. In 2016, BOB provided $310 million cofinancing to support an energy project in PRC.
Shanghai Pudong Development Bank
Shanghai Pudong Development Bank (SPD Bank) is a nationwide joint-stock commercial bank headquartered in Shanghai. SPD Bank was incorporated in 1992, launched its operation in January 1993, and was listed in Shanghai Stock Exchange on 10 November 1999. SPD Bank has developed a good standing in the PRC's financial markets with its outstanding performance, sound reputation, and rapid growth. SPD Bank has been actively focusing on financial innovation, and has continuously developed its various business strengths. By the end of 2015, SPD Bank had constructed a nationwide banking service network comprised of 1,660 outlets including 40 first-tier branches and 119 second-tier branches. The bank accelerated its operation process across different sectors and markets over recent years, and the opening of the Hong Kong, China branch, establishment of the London Representative Office, the investment and establishment of SPD Rural Banks, AXA SPDB Investment Managers, SPDB Financial Leasing, SPD Silicon Valley Bank, SPDB International, as well as the successful acquisition of a controlling stake in Shanghai Trust marked the preliminary formation of a group-wide, comprehensive operation pattern centered on a commercial bank. In 2013, SPD Bank became a member of Fortune 500, ranking 296th as of end-2015. The bank also ranked 84th on the Forbes Global 2000.
Uzbekistan Fund for Reconstruction and Development
The Uzbekistan Fund for Reconstruction and Development, established in 2006, is a 100% state-owned fund to finance important investment projects in Uzbekistan's priority industrial sectors (oil and gas, chemicals, energy, and metals and mining), which contribute to the country's socioeconomic development. It has partnered with foreign investors, international financial institutions, and export credit agencies. The beneficiaries of the fund are entities engaged in strategic infrastructure and socioeconomic development of Uzbekistan.