MANILA, Dec. 4 (Xinhua) -- World Bank Group President Ajay Banga and Asian Development Bank (ADB) President Masato Kanda on Thursday announced the first two Pacific projects to be delivered under the Full Mutual Reliance Framework, an innovative cofinancing model that will boost development impact.
The two projects are a major health modernization initiative in Fiji and an integrated transport, urban, and water infrastructure investment in Tonga.
The framework will allow countries to work with a single lead lender, either ADB or the World Bank, guiding all aspects of project design, preparation, supervision, and evaluation.
It will streamline processes and reduce duplication between the two institutions.
The ADB said the operationalization of the framework in the Pacific reflects the already close partnership between the ADB and the World Bank Group in the region, and responds to the needs of client countries for more rapid, streamlined, and effective development financing. ■
