The Japan Bank for International Cooperation (JBIC) has signed a memorandum of understanding (MOU) with the Asian Development Bank (ADB). This is for a strategic partnership to include contributions to Enhanced Sustainable Development for Asia (ESDA).
The MOU was signed and exchanged between JBIC’s governor and ADB president Kuroda in Tokyo.
This partnership will focus primarily on investment climate improvement, regional co-operation and energy efficiency. Together they will develop projects and programmes to include co-financing; development and implementation of sectoral policies and studies; design and implementation of economic and institutional reforms, including capacity building activities in developing member countries of ADB; and joint evaluations of projects.
As part of the joint contributions to ESDA, JBIC and ADB will also prepare detailed frameworks of the ‘ACFA: Accelerated Co-Financing scheme with ADB”.
Under ACFA, JBIC ODA loans and ADB will be discussed by the Japan government and ADB. They will identify co-financing projects in line with ESDA objectives, targeting mainly Central Asia and the Caucasus, Pacific region. By working together with ADB, in accordance with the Paris Declaration on Aid Effectiveness, JBIC ODA loans are expected to successfully contribute to the Asian region by maximising use of knowledge, experience and ADB regional networks.