The Asian Development Bank (ADB) and AgenceFranaise de Developpement (AFD) have jointly decided to increase their funding for projects in Asia Pacific by two thirds.
The pair signed an agreement on Friday lifting the $3 billion they committed to in the past 3 years, to $5 billion for the next 3 years.
The move will allow the pair to scale up their joint development efforts in the Asia and Pacific region.
Under the Partnership Framework Agreement (PFA) for 20162022 that ADB and AFD signed in October 2016, the two institutions had agreed to each dedicate $1.5 billion in cofinancing in the first 3 years of the 6-year agreement. ADB and AFD have now decided to increase the amount to $2.5 billion each in the next 3 years, bringing their combined commitment to $5 billion.
Source: Sierra Leone Times - https://www.sierraleonetimes.com/news/259446175/asian-development-bank-and-afd-jointly-lift-funding-for-asia-pacifci