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Germany,Pakistan,Philippines : ISLAMABAD: GERMAN DEVELOPMENT BANK inked $2bn Co-financing Partnership Deal with ADB

July 5, 2014

The German development bank KfW jointly with Asian Development Bank (ADB) has decided to deliver as much as $2 billion in co-financing intended for encouraging growth and expansion in the Asia and Pacific region during a three-year period.

The priority areas under this co-financing will be energy, urban infrastructure, plus climate change, as well as lending to small and medium enterprise, and vocational training, in addition to regional integration.

The Manila-headquartered ADB has revealed in a statement in Islamabad that Germany has already become the fourth biggest bilateral co-financier of the regional lender-backed projects, while the first three top co-financiers of ADB are Japan, France, and Republic of Korea.

It has offered over $700 million in funds for 11 investment projects backed by the ADB across the nations of Bangladesh, India, Mongolia, Pakistan, and Viet Nam as of the 2013 end.

The German development bank utilizes financial cooperation as one of its key devices for development cooperation. KfW is focused on the elimination of poverty, ascertainment of access to opportunities emerging from globalization for all as well as protection of climate and preservation of natural resources, and maintenance of peace.

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Source: TendersInfo (India)

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