BAKU, Azerbaijan, June 27. The Asian Development Bank (ADB) and Agence Française de Développement (AFD) have agreed to double their joint cofinancing target to $6 billion for 2026–2028, Trend reports.
An amendment to their Partnership Framework Agreement was signed today in Paris by ADB President Masato Kanda and AFD Chief Executive Officer Rémy Rioux, raising the previous three-year target of $3 billion set for 2023–2025.
“AFD is a trusted partner of ADB, and our strengthened collaboration shows how we can translate shared goals into real results for people and the planet,” said Kanda. “Doubling our cofinancing ambition to $6 billion is a decisive step in our support for Asia and the Pacific’s transition to low-carbon, resilient growth. The expanded target will accelerate funding for clean energy, sustainable transport, nature-positive projects, and other priorities ADB’s developing member countries have identified.”
Since the framework agreement was signed in October 2022, ADB and AFD have jointly mobilized $4.64 billion in cofinancing, surpassing the initial $3 billion target. This included $3.2 billion from ADB and $1.44 billion from AFD.
“Our partnership with ADB is a cornerstone of AFD’s international development cooperation in Asia,” said Rioux. “Together, we are demonstrating how public development banks can work as a system to deliver solutions at scale. This $6 billion commitment is both a sign of our trust in each other and of our shared ambition to respond to the region’s most pressing challenges.”
The updated agreement aims to strengthen operational coordination between the two institutions, with plans to pursue joint project preparation to streamline implementation and reduce transaction costs for clients.
The amendment comes ahead of the next ADB–AFD high-level meeting scheduled for September 2025 at ADB headquarters in Manila, Philippines, where strategic priorities and operational progress will be reviewed.