ADB, WB sign accord

ADB, WB sign accord

The Asian Development Bank and the World Bank have agreed to
improve cooperation in providing assistance to the Asia-Pacific
region, the ADB said Tuesday.

The memorandum of understanding will set up a framework for
closer coordination and an improved division of labor between the
two multilateral institutions including closer consultation on
country assistance strategies, an ADB statement said.

It would also eliminate duplication of efforts, harmonize
operational procedures and improve effectiveness, the
Philippines-based ADB said.

Part of this accord includes the implementation of a joint
"Protocol on Collaboration among Multilateral Development
Banks/IMF (International Monetary Fund)" for preparing poverty
reduction strategies, the ADB added without elaborating on the
role of the IMF.

The signing of the memorandum is "a starting point for the two
institutions to work towards deeper collaboration, improved
coordination and less duplication in serving their Developing
Member Countries," the ADB said. -- AFP