Abu Dhabi, 29 February, 2012: An agreement to boost the effectiveness of development assistance by co-financing projects in the developing countries has been signed by Abu Dhabi Fund for Development (ADFD) and Asian Development Bank (ADB). The two bodies signed a memorandum of understanding (MoU) yesterday in the headquarters of ADFD, for establishing cooperation arrangement for broader collaboration and improved coordination in making available recourses for co-financing projects in the common developing partner countries.

Both institutions intend to increase their cooperation in the promotion of growth and sustainable development in the developing countries in which they are active, through financing of public sector projects and equity investments in private entities.

This new partnership with Asian Development Bank comes align with our strategy in reinforcing the relations with regional and international funding institutions in order to support projects that contribute to the developing countries economic development and growth” said Mohamed Saif Al Suwaidi, ADFD Acting Director General.

ADFD’s Acting Director General added that “this MoU provides a general framework within which ADFD & ADB may develop and undertake collaborative activities in order to pursue their common objectives more effectively”.

On the other hand Ms. Lakshmi Venkatachalam, Vice President of ADB stated “Under this agreement, Abu Dhabi Fund for Development (ADFD) and Asian Development Bank (ADB) will collaborate in entering into arrangements to coordinate operations and activities in Common Developing Partner Countries and regional initiatives to augment the financing required to achieve the common development objectives”.

The critical sectors and initiatives which are expected to be included in the co-financing between the two parties are transport, energy, urban services, finance and trade, education and health, focusing on hard components.