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