Manila [The Philippines], May 6 (ANI): The Asian Development Bank (ADB) and South Korea have signed a memorandum of understanding earmarking 700 million dollars in co-financing from South Korea for ADB sovereign development projects over the next three years.

"I would like to warmly thank the Republic of Korea for its strong and enduring partnership with ADB," said ADB President Masatsugu Asakawa Asakawa.

"With the Republic of Korea's support, we will be able to scale up ADB projects focusing on climate change and information and communication technology, which will be key to support a green, resilient, and inclusive recovery in Asia and the Pacific."

Half of the earmarked amount -- 350 million dollars -- will cofinance projects through the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) established in 2019 by ASEAN governments under the ASEAN Infrastructure Fund and managed by ADB.

ACGF projects co-financed by South Korea will help governments in southeast Asia implement infrastructure projects that promote environmental sustainability including ocean health and contribute to climate change goals.

Asakawa acknowledged continued cooperation through South Korea e-Asia and Knowledge Partnership Fund (e-Asia Fund) which has supported the application of advanced digital technology lessons from the handling of coronavirus disease (Covid-19) pandemic in ADB developing member countries.

He also appreciated South Korea's commitment to host ADB's annual meeting at Incheon in 2023.(ANI)

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