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THE Asian Development Bank (ADB) and World Bank (WB) have agreed to boost their collaboration on co-financed public projects with the signing of the Full Mutual Reliance Framework (FMRF) — said to be the first of its kind between multilateral development banks (MDBs).
The initiative seeks to streamline project processing, reduce duplication, and improve efficiency for borrowing countries including the Philippines.
In the FMRF, ADB-WB’s co-financing of projects will follow a single set of policies and procedures from either institution, covering all aspects of project implementation — from design and appraisal to supervision and evaluation.
The scheme is expected to lead to significant cost and time savings, improve project outcomes, and strengthen coordination between the ADB and WB, and align with global efforts to create a more cohesive development finance system.
The FMRF is “a significant step in our collaboration with the World Bank and will deliver lasting benefits to communities and economies across Asia and the Pacific,” ADB president Masatsugu Asakawa said in a statement. “By leveraging our respective strengths, we can enhance efficiency, scale impact, and provide a strong platform for sustainable and inclusive growth.”
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For his part, WB Group president Ajay Banga said: “This partnership… is a testament to the deep trust and abiding confidence between our institutions. By combining our strengths, we are making it faster, easier, and more cost-effective for countries to access the support they need. More than just an agreement, this is a model for how development banks can work together to drive better outcomes for the people we serve.”
4-year pilot phase
The plan will be implemented within a four-year pilot phase starting this year, during which selected public projects will be assessed for operational effectiveness.
The FMRF comes after previous co-financing efforts between the two development banks, including the 2018 Procurement Framework Agreement. It incorporates lessons from engagements with civil society organizations, borrower countries, and other stakeholders.
It likewise answers the call from the international community, including the G20, for MDBs to work more cohesively to maximize development impact and address rising global challenges.
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