PRC Poverty Reduction and Regional Cooperation Fund
What is the fund?
The People's Republic of China (PRC) Poverty Reduction and Regional Cooperation Fund (formerly PRC Regional Cooperation and Poverty Reduction Fund) was established on 24 March 2005 to support the process of poverty reduction, regional cooperation and knowledge sharing for ADB developing member countries (DMCs) in Asia and the Pacific.
What are the priorities?
The objective of the fund is to contribute to poverty reduction, regional cooperation and knowledge sharing, economic and social development in DMCs in an accelerated manner and with tangible results. The key outputs of the fund are:
- stronger ownership of DMCs in poverty reduction and the development process;
- increased sharing of knowledge and experience on poverty reduction and development across DMCs;
- good practices in poverty reduction and development through regional cooperation and country-specific activities;
- enhanced regional cooperation aimed at poverty reduction and development; and
- innovation in poverty reduction and regional cooperation activities.
What kind of activities will be financed from the fund?
The fund will support the following types of activities:
- transaction technical assistance, particularly project preparation support;
- institutional and capacity building for DMCs;
- innovative and demonstrative programs and projects;
- knowledge sharing including knowledge products, and human resources development;
- South-south knowledge exchange and dissemination activities around key development topics in which the PRC and other DMCs have significant development experience; and/or emerging needs; and
- grants contributing to regional connectivity.
The fund will finance TA operations and any other activities which may be agreed upon between the PRC and ADB.
Who is eligible to receive the grant?
All ADB DMCs will be eligible for support. For the regional cooperation component, priority will be given to the Greater Mekong Subregion (GMS) and Central Asia Regional Economic Cooperation (CAREC).
Who supports the fund?
The People's Republic of China supports this fund. As of 31 December 2021, the total funds made available amounted to $90.0 million, of which $73.19 million were approved representing 121 projects. Of these, $70.64 million are for 118 technical assistance projects and $2.55 million equivalent are for 3 project grants.