New Framework Agreement for the Asian Development Bank and AFD
published on 19 June 2024
The Asian Development Bank (ADB) and AFD Group are building on a partnership of almost thirty years, with an eye to strengthening their convergence through a new framework agreement.
One of the aims of the framework agreement signed in 2022 between the Asian Development Bank (ADB) and AFD Group was to increase impact for the period 2022-2028. Meeting in Paris for a high-level seminar on June 18, 2024, the two banks intend to maintain the momentum with a co-financing target of $3 billion at mid-term. This target could be doubled if operational prospects are confirmed, opening up new opportunities for cooperation between AFD Group and its key partner in Asia and the Pacific.
The main objective is to accelerate the rise in climate-friendly investments, whether through private sector mobilization or AFD's contribution to the ADB's Nature Finance Solution Hub, which will be signed on June 24 and 25 in Bangkok. In 2023, the ADB committed $9.8 billion to climate action, compared with $6.7 billion in 2022. Similarly, AFD Group allocated €7.5 billion to climate-friendly projects in 2023, an increase of 25% on the previous year.
After 30 years of fruitful partnership and 70 projects carried out for almost $14.7 billion, the aim is to intensify cooperation while supporting growth in line with the UN's sustainable development goals (SDGs). Alignment with the SDGs is now a priority area of convergence between the ADB and AFD Group.
