The Asian Development Bank (ADB) and the Government of the United Kingdom, through its Department for International Development (DFID), today launched the Asia Regional Trade and Connectivity Fund (ARTCF) ahead of the Annual Meeting of ADB’s Board of Governors in Manila, Philippines.
The fund, to be administered by ADB, will provide support to address some of the frontier challenges ADB members face in improving regional integration, such as enabling private sector development and addressing regional public goods. DFID will provide an initial contribution of up to $30 million. The ARTCF will initially focus on eight Central and South Asian countries, specifically Afghanistan, Bangladesh, India, the Kyrgyz Republic, Myanmar, Nepal, Pakistan, and Tajikistan.
In line with ADB’s Operational Plan for Regional Cooperation and Integration, 2016–2020, ARTCF will help the selected ADB developing member countries to identify and design projects that improve cross-border transport, energy, and information and communications technology infrastructure. It will also help recipients of the fund tackle red tape and regulatory bottlenecks; provide financing for regional projects to increase their poverty reduction and gender impacts; and strengthen the capacity of the member countries for prospective investments.
The fund was launched at an event attended by ADB Vice-President for Knowledge Management and Sustainable Development Mr. Bambang Susantono, ADB Vice-President for Private Sector and Cofinancing Operations Mr. Diwakar Gupta, ADB Chief Economist Mr. Yasuyuki Sawada, and DFID Asia Regional Deputy Head Mr. Duncan Overfield.
Since joining in 1966 as a founding member, the Government of the United Kingdom has contributed $3.09 billion in capital subscription to ADB and committed $1.43 billion to the bank’s Special Funds as of 31 December 2017.
