ADB President, IFC CEO Discuss Future Collaboration in Region
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Asian Development Bank (ADB) President Mr. Takehiko Nakao and International Finance Corporation (IFC) Chief Executive Officer (CEO) Mr. Philippe Le Houerou met at ADB headquarters together with senior staff of both institutions to discuss deepening their collaboration on projects and initiatives in Asia and the Pacific.
Mr. Nakao and Mr. Le Houerou reaffirmed the strong and productive partnership between their institutions, and explored ways of stepping up cooperation as ADB expands private sector operations under its long-term Strategy 2030.
ADB and IFC have worked seamlessly together across Asia, said Mr. Nakao. As both organizations sharpen their focus on private sector operations, we expect ever greater cooperation and collaboration. This can range from country-level engagement and public-private partnership advisory work to our financing of private sector projects throughout the region.
ADB and IFC cofinance many projects in Asia and the Pacific in a range of sectors including energy, telecommunications, agribusiness, and small and medium-sized enterprise financing.
The Environmentally Sustainable Agricultural Input Distribution Project in the People's Republic of China will provide climate-smart technology and technical assistance to 3 million smallholder farmers, with ADB committing $80 million and IFC $145 million. In Myanmar, ADB and IFC provided financing of $143 million and $37 million, respectively, as well as political risk guarantees from ADB and the World Bank's Multilateral Investment Guarantee Agency, to build the Myingyan natural gas power plant.
Under Strategy 2030, private sector operations will reach one-third of ADB operations in number by 2024. Every $1 in ADB financing for its private sector operations will be matched by $2.5 of long-term cofinancing by 2030.
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 67 members�48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.
Source: Asian Development Bank