Asian Development Bank (ADB) and Inter-American Development Bank (IDB) have signed a partnership agreement that will see the two institutions work more closely in areas ranging from trade facilitation and regional cooperation to climate change.
Haruhiko Kuroda and Luis-Alberto Moreno, presidents of ADB and IDB respectively, also signed a memorandum of understanding to jointly support projects and programs promoting sustainable, low-carbon transport in their respective developing member countries.
The agreements mark another step in deepening cooperation between ADB and IDB over the past decade. Earlier, this June, ADB and IDB agreed to share access to their trade finance programs linking more than 100 financial institutions to support trade between companies in the two regions.
Mr Kuroda said: “As the world economic order gradually takes on a new shape and structure, it is important that our two regions increase cooperation, reduce barriers to trade, investment and finance, and work together to promote financial stability along with regional and global public goods.”
Mr Moreno said: “There’s enormous interest in Latin America and the Caribbean to build closer ties with Asia and the Pacific. Strengthening our partnership with ADB is an excellent way to help our member countries in achieving that goal.”
