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    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

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    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    Roche’s Lunsumio and Polivy combination significantly prolongs remission for people with relapsed or refractory large B-cell lymphoma

    Beat the monsoon greys in style with India’s first UPF resort-wear line by Meghna Ghodawat

    Jamaica Tourism Launches a Brand-New Campaign “70 Days of Jamaica Love” to Celebrate 70 Years of Jamaica

    Ethiopian Airlines Strengthens India Network with Launch of Hyderabad Route

    WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

  • National
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    • Economy & Politics
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    The Home Minister confidently reiterates that the country will be free from Naxalism by March 31, 2026

    Shivraj Singh Chouhan reviews ICAR-Central Institute of Agricultural Engineering in Bhopal

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Install CCTV Cameras at K.R. Market: Suralakar Vikas Kishor

    Rumi- The Spirit of Awadh Pioneers Transit Media to Promote “Dastan-e-Aam” Featuring Renowned Dastango Dr. Himanshu Bajpai

    Indian Author and Human Rights Advocate Rajesh Talwar Honoured with the University of Nottingham Alumni Award

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    Campus Fund Launches Third Fund of $100 Million

    MB Patil Showcases Karnataka’s Investment Potential During Denmark Roadshow

    LIC Housing Finance reduces lending rates to 7.50% on new home loans

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    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

    GNC India Launches Protein Wafer

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

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    AMD Unveils Vision for an Open AI Ecosystem, Detailing New Silicon, Software and Systems at Advancing AI 2025

    U.S. Insurers to More than Double AI Investment in the Next 3-5 Years: Wipro Report

    Union Minister for Agriculture and Farmers Welfare Shivraj Singh Chouhan to visit Hyderabad on Monday

    Inaugural program of “Vidhan Soudha Guided Walking Tour” on May 25.

    LTIMindtree Signs MoU with IIM Mumbai to Launch Postgraduate Program for Executives in AI-led Experience Design

    “By uniting our talent and expertise, we can drive progress toward a more climate-resilient and healthier future.” -Dr M.C. Sudhakar,  Minister for Higher Education, GoK.

  • Auto

    Force Motors along with BMW Group India Celebrates the Roll-Out of its 100,000th engine from the Chennai Plant

    Clara Luciani, Kavinsky & Please Join the Line-Up of Renault’s festiv4L

    -“The addition of the Montra Electric SUPER CARGO to our product portfolio marks an exciting new chapter of growth for us in the last-mile delivery segment”.–Mr. Jalaj Gupta, MD, TI Clean Mobility Private Limited 

    Maruti Suzuki Grand Vitara becomes the fastest SUV to clock 3 Lakh sales in its segment*

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    Union Minister Dr. Mansukh Mandaviya leads Fit India Sundays on Cycle in New Delhi in collaboration with Yogasana Bharat; Says Even One Pedal in cycle is Making India a Fitness Powerhouse

    It’s a Numbers Game – Statistical Deep Dive of the GMR Rugby Premier League after Week 1

    Visa Signs Football Phenom Lamine Yamal as a Global Ambassador for FIFA World Cup 26™

    PVL Season 4 Auction: Bengaluru Torpedoes pick up Jishnu PV for a whopping 14 lakh

  • Entertainment

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

    Lulu Mall Hosts Bangalore’s Biggest Non-Alcoholic Holi Celebration

  • Lifestyle
    • All
    • Food
    • Travel

    Panasonic partners with MeitY Nasscom Centre of Excellence (CoE) to accelerate innovation in Smart Residential Living

    Herbalife’s Aloin Identification Method for Aloe Vera Officially Recognized by AOAC INTERNATIONAL

    “Indian patients no longer need to look abroad for advanced treatment,” said Dr. Sharat Damodar, Senior Consultant, Haematologist and Head of Adult BMT at Narayana Health City, Bengaluru and Chairman of the Oncology Collegium at Narayana Health.

    Ethiopian Airlines Strengthens India Network with Launch of Hyderabad Route

    Titan Unveils Bold New Collection with Sobhita Dhulipala

    GNC India Launches Protein Wafer

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ADB, KfW Expand Cofinancing Partnership with Additional $2 Billion

by FWM
November 9, 2019
in Business
0

MANILA, PHILIPPINES (8 November 2019) — The Asian Development Bank (ADB) and KfW, the German state-owned development bank, today agreed to expand their existing cofinancing partnership with an additional $2 billion over the next 4 years in order to support continued economic development in the Asia and Pacific region.

The revised Memorandum of Understanding (MOU) for cofinancing was signed by ADB Vice-President Mr. Ahmed M. Saeed, KfW Management Committee for Europe and Asia member Mr. Stephan Opitz, and KfW Regional Manager for East and Southeast Asia Ms. Ulrike Lassmann at ADB headquarters in Manila.

“Germany is one of ADB’s original shareholders, and we have long had a very productive partnership with KfW, together financing more than $5 billion in energy, climate, and urban infrastructure projects over the last 5 years,” said Mr. Saeed. “Our new MOU builds on this good work and commits us to a deepening of our partnership in support of inclusive and sustainable development across Asia and the Pacific.”

“The relationship between KfW and ADB is an important pillar of KfW’s strategy in Asia,” said Mr. Opitz. “This new agreement reflects the successful cooperation that we were able to set up to the benefit of our Asian partners in recent years. I would like to emphasize that the success of such a collaboration is not only the cofinancing as such, but also the openness and trust to work together from all parties.”

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The additional funds will build on the successful $2 billion cofinancing partnership that ADB and KfW launched in 2014 and renewed in 2017 for an additional $2 billion. The partnership (2014–2019) yielded 14 cofinanced projects focused on education, energy, health, industry and trade, and public sector management. The $4 billion provided by KfW for these projects was complemented with $5.8 billion from ADB.

At the signing event, ADB and KfW also signed an MOU for a collaborative cofinancing arrangement for an additional €200 million ($221 million) for the Fiscal and Public Expenditure Management Program, Subprogram 3, in Indonesia. An earlier MOU was signed for the project for €300 million on the sidelines of the 52nd Annual Meeting of ADB’s Board of Governors in Fiji.

“The need for investment in Asia is enormous. That is why the signing of what is now the third agreement between KfW and ADB signifies the correct and consistent continuation of a successful partnership,” said Executive Director for Germany at ADB Mr. Helmut Fischer, who witnessed the signing.  “With this agreement, KfW is providing on behalf of the Federal Republic of Germany a further $2 billion in German cofinancing contributions, which will be used to fund infrastructure in Asia to promote sustainable economic development, a cleaner environment, and renewable energy. I also welcome the new agreement for cooperation with Indonesia, a strategically important partner for German development cooperation in Asia and for development worldwide.”

Germany is the second largest bilateral cofinancier of ADB projects. The additional cofinancing from KfW will help ADB address the region’s vast infrastructure needs, estimated by ADB at $1.7 trillion annually until 2030 including climate adaptation and mitigation costs.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

Tags: KfWThe Asian Development Bank (ADB)

FWM

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