AFD Group and the ADB deepen their partnership for sustainable progress and impact in Asia and the Pacific

The HLM aims at amplifying the dynamic collaboration between the two public development banks (PBDs) by capitalizing on a threefold context: a reinforced strategic convergence, a strong upturn in joint operational activity and similar reforms to increase impacts.

An HLM happens every 18 months. The previous, HLM happened in Manilla, a few days after the signature of the new 2022-2028 partnership framework agreement on October 12, 2022. 

Strong prospects confirmed

The Covid-19 pandemic has hindered the relationship between the two PBDs. However, reviews of the business plan now point to a significant rebound in joint operational activity. While the co-financing target set in the new partnership framework agreement is $3 billion, ADB and AFD could deliver the double – almost $6 billion – just over the 2023-2025 period.

The overarching aim of the discussions held on June 18 is to keep on the momentum through a denser dialogue over five key issues:

-    Private sector development and mobilization;
-    Implementing innovative sustainable development solutions for net zero transitions;
-    Operationalizing the alignment with the SDGs and the Paris Agreement, as well as its accountability;
-    Biodiversity preservation and the development of an ambitious action for nature.

“Nature is the next frontier of our partnership,” said Mr. Kimura in his concluding remarks.

-    Strengthening synergies between the coordination channels of multilateral development banks and other BPDs promoted under the aegis of Finance in Common.

While AFD will be signing its contribution to the new Nature Finance Solution Hub set up by the ADB in Bangkok on 24-25 June, on the sidelines of the SUFIP II co-organized with the ADB, the HLM has enabled a diversification of prospective collaborations. Technical dialogues between the two PBD teams should become denser on climate/adaptation, vulnerabilities/resilience, ageing/social protection, and health/climate nexus. Participants reiterated their interest in prospecting the Pacific for joint opportunities.

“ADB remains our partner of choice to deliver solutions that address key development challenges in Asia and the Pacific,” said Mr. Walckenaer.

The two delegations agreed to step up coordination to leverage on their partnership in the run-up to the ADB Annual Meeting scheduled in Milan in May 2025.

The ADB, "a powerful and respectful partner", is the only pan-Asian development finance institution of which France is a member

The signing of the first memorandum of understanding in 2003 marked the beginning of a fruitful cooperation, which delivered 70 projects worth a total of almost $14.7 billion in 20 years or so.

The framework partnership agreement signed in 2022 promotes sustainable and inclusive growth by focusing on four priorities: climate change, natural resource management and biodiversity, the blue economy, and the reduction of social inequalities.

The ADB is positioned as Asia and the Pacific’s climate bank, with a target of $100 billion in climate finance by 2030, including increasing focus on nature. The institution is also increasing its financial capacity by 40% to reach an annual amount of new commitments of over $36 billion, while maintaining high levels of co-financing. In this context, AFD Group intends to remain one of ADB's key partners (2nd largest bilateral public development bank).

About the Agence Française de Développement (AFD) :

AFD Group contributes to the implementation of France’s policies for sustainable development and international solidarity. The Group includes Agence Française de Développement (AFD), which finances the public sector, NGOs, research and training; its subsidiary Proparco, which is dedicated to the private sector; and Expertise France, a technical cooperation agency. The Group finances, supports and accelerates the transitions needed for a fairer, more resilient world.

With our partners, we are building shared solutions with and for the people in more than 150 countries, as well as in 11 French Overseas Departments and Territories. As part of the commitment of France and the French people to achieving the Sustainable Development Goals, our teams are at work on 4,200 projects in the field. Our objective is to reconcile economic development with the preservation of common goods, from peace, the climate and biodiversity to health, education and gender equality. Towards a world in common.

AFD Press contact:
Chloé Odstrcil - odstrcilc@afd.fr