ADB signs agreements with South Korea to strengthen cofinancing, technical cooperation

MANILA - The Asian Development Bank (ADB) and South Korea on Thursday signed two agreements that will enhance joint efforts to provide additional financing and technical assistance to ADB's developing member countries.

ADB President Takehiko Nakao and South Korean Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon signed the agreements during ADB's 51st Annual Meeting in Manila.

The two sides signed a Memorandum of Understanding (MoU) to expand Korea's cofinancing support for ADB projects in Asia and the Pacific.

Under the MoU, South Korea will provide $650 million of concessional loans through its Economic Development Cooperation Fund in the next three years to cofinance ADB projects and programs.

"The MoU will pave the way for ADB and (South) Korea to jointly make a more profound impact on the ground in the priority areas of transport, energy, environment, health, public governance, education, and information and communication technology," Nakao said.

Both sides also signed a cooperation agreement on the South Korea-Asia and Pacific Tech Corp Program.

Under the program, qualified young experts from various sectors in South Korea will contribute to technical capacity building in ADB's developing member countries based on their needs. ADB will help identify areas where support may be needed by countries in such areas as information and communication technology and clean energy.