ADB and AFD Double Cofinancing Ambition to $6 Billion

The Asian Development Bank (ADB) and the Agence Française de Développement (AFD) have expanded their collaboration by amending their Partnership Framework Agreement. The agreement, signed by ADB President Masato Kanda and AFD CEO Rémy Rioux in Paris, raises their joint cofinancing target to $6 billion for the period 2026-2028, doubling their previous target for 2023-2025. This ambitious increase in cofinancing reflects the strong momentum and strategic alignment between the two institutions, which have already mobilized $4.64 billion in cofinancing since October 2022. The expanded target aims to accelerate funding for various priority areas identified by ADB's developing member countries, including clean energy, sustainable transport, and nature-positive projects. Both institutions are committed to enhancing their operational coordination to streamline implementation and reduce transaction costs, with further strategic discussions scheduled during an upcoming high-level meeting in Manila in September 2025.