ADB, WB to jointly support 20 projects across region – BusinessWorld Online
THE Asian Development Bank (ADB) and the World Bank (WB) will jointly support more than 20 projects in partner countries, with the first two projects to benefit Tonga and Fiji.
The joint Full Mutual Reliance Framework (FMRF) as yet has no confirmed projects for the Philippines, they said in a briefing.
“There are these two projects (for Tonga and Fiji) now but we’ve got 20 more in the pipeline across infrastructure, energy, agribusiness, healthcare and social protection, and most of our clients are very interested in this which means it tells you why it’s worth doing,” World Bank Group President Ajay Bang said in a briefing at ADB Headquarters on Thursday.
The FMRF seeks to streamline processes and reduce duplication between the two banks, which will speed up project implementation and lower transaction costs.
It will allow countries to work with a single lead lender, either the ADB or the World Bank, guiding all aspects of project design, preparation, supervision, and evaluation.
“Our goal is to make development finance simpler, faster, and more effective,” ADB President Masato Kanda said.
“With this approach, we respond to client needs to solve complex challenges together, from disaster resilience to better connectivity, while supporting their long-term vision for prosperity.”
The ADB said the gross domestic product growth will not be a factor in selecting the countries joining the framework.
The first two projects were Fiji’s $236.5-million Pacific Healthy Islands Transformation project, which aims to tackle non-communicable diseases, and the $120-million Sustainable Economic Corridors and Urban Resilience project in Tonga. — Aubrey Rose A. Inosante