ADB, UK create fund for Asia-Pacific trade, connectivity

The Asian Development Bank (ADB) and the government of the United Kingdom launched on Wednesday the Asia Regional Trade and Connectivity Fund ahead of the multilateral lender’s annual meeting in the Philippines.

The Asian Regional Trade and Connectivity Fund was launched, through the UK government’s Department for International Development (DFID), at the ADB headquarters in Pasig City.

“ADB’s partnership with DFID will help further our ambitious knowledge-driven agenda and ensure that our members have access to the most effective, evidence-based solutions to further their regional integration goals,” ADB vice president for Knowledge Management and Sustainable Development Bambang Susantono said.

The Asian Regional Trade and Connectivity Fund will support some of the challenges ADB members face in improving regional integration, such as enabling private sector development and addressing regional public goods.

The UK’s DFID will provide an initial contribution of up to $30 million, which will initially focus on eight Central and South Asian countries namely Afghanistan, Bangladesh, India, Kyrgyz Republic, Myanmar, Nepal, Pakistan, and Tajikistan.

The fund will help the countries identify and design projects that improve cross-border transport, energy, and information and communications technology infrastructure.

It will also help the recipient to address red tape and regulatory bottlenecks.

The launch was attended by ADB vice president for Private Sector Cofinancing Operations Diwakar Gupta, chief economist Yasuyuki Sawada, and vice president Susantono, together with UK DFID Asia Regional deputy head Duncan Overfield. —VDS, GMA News